Gold rates in India have witnessed a bearish week so far. 24-carat, 22-carat, and 18-carat gold prices are expected to be under pressure on Friday, May 30th with the focus shifting to upcoming Q1 GDP data and core PCE price index. Geopolitical cues will further impact sentiments in the yellow metal. FOMC minutes signaled that they are not looking for easing rates soon.
Gold Prices In India:
On May 29th, the price of 10 grams of 24-carat gold was Rs 97,030, while that of 22-carat was Rs 88,940. Meanwhile, the price of 100 grams of 24-carat gold was Rs 9,70,300, and that of 22 carats was Rs 8,89,400.
Gold prices were unchanged on May 28th, but were down by Rs 160 in 24 carat of 10 grams on May 27, and down by Rs 440 on May 26. 100 grams gold price in 24 carat was also unchanged on May 28th, but plunged by Rs 1,600 and Rs 4,400 on May 27th and May 26th.
These prices are lower than the May month's high of Rs 99,600 in 10 grams and Rs 9,96,000 in 100 grams of 24 carat. The monthly high was touched on May 8th, since gold has corrected significantly. Despite this, gold prices are up by 1.4% in overall May month.
In the start of May, the 24-carat gold price was Rs 95,730 per 10 grams and Rs 87,750 per 22 carats. 100 grams gold prices were at Rs 9,57,300 and Rs 8,77,500 in 24 carat and 22 carat respectively on May 1st.
At the current price, 24-carat and 22-carat gold prices have crashed significantly from their all-time highs which was recorded on April 22nd.
For instance, 24 carats' all-time high price is at Rs 1,01,350 in 100 grams and at Rs 10,13,500 in 100 grams. 22 carats gold prices record high levels at Rs 92,900 in 10 grams and Rs 9,29,000 in 100 grams.
Taking into consideration 24-carat gold's all-time high prices, 10 grams gold price has plunged by Rs 4,320 and 100 grams gold price declined by Rs 43,200 so far.
Gold Prices In Major Cities:
The price of gold in Chennai is Rs 9,703 per gram for 24-karat gold, Rs 8,894 for 22-karat gold and Rs 7,324 per gram for 18-karat gold (also called 999 gold).
The price of gold in Delhi is at Rs 9,718 per gram for 24 karat gold, at Rs 8,909 per gram for 22 karat gold and at Rs 7,289 per gram for 18 karat gold (also called 999 gold).
The price of gold in Mumbai is Rs 9,703 per gram for 24-karat gold, Rs 8,894 per gram for 22-karat gold and Rs 7,277 per gram for 18-karat gold (also called 999 gold).
The price of gold in Bangalore is Rs 9,703 per gram for 24 karat gold, at Rs 8,894 per gram for 22 karat gold and at Rs 7,277 per gram for 18 karat gold (also called 999 gold).
The price of gold in Hyderabad is at Rs 9,703 per gram for 24 karat gold, Rs 8,894 per gram for 22 karat gold and Rs 7,277 per gram for 18 karat gold (also called 999 gold).
The price of gold in Kerala is at Rs 9,703 per gram for 24 karat gold, at Rs 8,894 per gram for 22 karat gold and at Rs 7,277 per gram for 18 karat gold (also called 999 gold).
Silver Prices In India:
1Kg silver prices have also corrected sharply. At present, the price of 1kg silver is at Rs 99,800, while 100 grams and 10 grams silver is available at Rs 9,980 and Rs 998 respectively. Cheapest silver is priced at Rs 99.80 per 1 gram.
MCX Gold, Silver Prices:
MCX gold price stood at Rs 95,450 per 10 grams, marginally up Rs 61 or 0.06%. The bullion with June 2025 expiry, plunged to hit an intraday low of Rs 94,500 per 10 grams on May 29, before picking up momentum.
MCX silver price, with July 2025 expiry, was at Rs 97,810 per 1kg, marginally down by Rs 16 or 0.02%.
Spot Gold Price:
Spot Gold climbed back above $3,300 per ounce on Thursday, snapping a three-day losing streak, as investors reacted to a fresh batch of US economic data and comments from a White House adviser. Kevin Hassett, economic adviser to the White House, expressed confidence that the trade court ruling blocking most of the Trump administration's tariffs would be overturned. Meanwhile, revised data showed the US economy contracted at an annualized rate of 0.2% in Q1 2025, slightly better than the initial estimate of a 0.3% decline, but still marking the first quarterly contraction in three years, as per Trading Economics.
Gold Prices In India Outlook On May 30:
"Gold prices traded weak in the first half of the session after the FOMC meeting minutes indicated that the U.S. Federal Reserve is unlikely to ease interest rates in the near term, maintaining a data-dependent stance. Additional pressure came from trade developments, as a U.S. court ruled against certain Trump-era retaliatory tariffs, further easing trade tensions," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
He added, Comex gold fell to $3,250, down nearly $50 intraday, before rebounding to $3,290 on strong short-covering, highlighting continued investor uncertainty. The broader range remains volatile between $3,200 and $3,350 amid persistent tariff-related headlines.
Lastly, Trivedi said, "In the domestic market, MCX gold holds support near Rs 94,000, with resistance around Rs 96,500. Market participants will closely watch upcoming economic data Q1 GDP data, and the Core PCE Price Index and geopolitical cues for further direction."
Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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