Gold Rate In India Down Rs 7,700 In 6 Days; Know 24K, 22K, 18K Gold Price, Weekly Outlook For June 1 To June 2

Gold rate in India witnessed a volatile last week of May month. 24 carat gold price dropped by at least Rs 7,700 in 100 grams and down by Rs 100 in 10 grams from May 26th to May 31st. Gold prices are unchanged on June 1. For the upcoming week, MCX gold and silver prices are expected to range between Rs 92,000-Rs 97,000 and Rs 94,000 to Rs 99,000, respectively.

"The bullion counter displayed mixed dynamics, with gold retreating from its recent highs and silver witnessing a marginal loss. The gold-silver ratio, which hit 107:1 in 2025, appreciated to 98.5:1 last week. Gold was pressured primarily by improving risk appetite after Trump delayed plans to impose 50% tariffs on the European Union immediately. Base metals exhibited a bearish trend," said SMC Global Securities analysts in a note.

Gold Prices In India:

Gold prices in 10 grams is at Rs 97,310 in 24 carat, at Rs 89,200 in 22 carat, and Rs 72,990 in 18 carats. The prices stood at Rs 9,73,100 in 100 grams of 24 carat, followed by Rs 8,92,000 in 22 and Rs 7,29,900 in 18 carat of 100 grams. The price of the cheapest gold in India is Rs 9,731 per gram for 24-karat gold, Rs 8,920 for 22-karat gold and Rs 7,299 per gram for 18-karat gold (also called 999 gold).

Gold Prices In India Performance Last Week:

Although the trend in gold prices were mixed from May 26 to May 31st, the yellow metal ended broadly in red. On May 26, gold prices plunged by Rs 4400 in 100 grams and by Rs 440 in 10 grams of 24 carat. This followed Rs 1,600 decline in 100 grams and Rs 160 decline in 10 grams on May 27. Gold prices were unchanged on May 28.

Another round of decline was recorded on May 29th, where gold prices dipped by Rs 4400 in 100 grams and by Rs 440 in 10 grams of 24 carats. The only time gold prices surged was on May 30th with 24 carat 100 grams and 10 grams rates up by Rs 2,700 and Rs 270 respectively.

Gold prices are unchanged on May 31.

Notably, yellow metal prices started June month on a flat note as well.

Gold Prices In Major Cities:

The price of gold in Chennai is at Rs 9,731 per gram for 24 karat gold, at Rs 8,920 per gram for 22 karat gold and Rs 7,345 per gram for 18 karat gold (also called 999 gold).

The price of gold in Delhi is at Rs 9,746 per gram for 24 karat gold, at Rs 8,935 per gram for 22 karat gold and at Rs 7,311 per gram for 18 karat gold (also called 999 gold).

The price of gold in Mumbai is at Rs 9,731 per gram for 24 karat gold, at Rs 8,920 per gram for 22 karat gold and at Rs 7,299 per gram for 18 karat gold (also called 999 gold).

The price of gold in Bangalore is at Rs 9,731 per gram for 24 karat gold, at Rs 8,920 per gram for 22 karat gold and at Rs 7,299 per gram for 18 karat gold (also called 999 gold).

The price of gold in Hyderabad is at Rs 9,731 per gram for 24 karat gold, at Rs 8,920 per gram for 22 karat gold and at Rs 7,299 per gram for 18 karat gold (also called 999 gold).

The price of gold in Kerala is at Rs 9,732 per gram for 24 karat gold, at Rs 8,920 per gram for 22 karat gold and at Rs 7,298 per gram for 18 karat gold (also called 999 gold).

Silver prices in India:

The silver prices are unchanged on June 1 to Rs 99,900 per 1kg, to Rs 9,900 in 100 grams and to Rs 999 in 10 grams. The cheapest silver price is at Rs 999 per 1 gram.

Last week, silver rates were broadly flat except for Rs 100 decline in 1kg on May 29th.

MCX Gold, Silver Prices:

MCX gold price, with August 2025 expiry, dropped by Rs 568 or 0.6% to Rs 95,891 per 10 grams last week on May 31st. While the MCX gold wit July 2025 expiry, ended at Rs 95,455 per 10 grams with mild upside.

Meanwhile, MCX silver price dropped marginally to Rs 96,996 per 1kg last week.

Spot Gold Price:

Gold prices were at $3,300 per ounce on Friday, holding its slight pullback and set for a near 2% decline on the week as strong economic data countered demand for safety due to fresh risks of trade wars. New data showed that personal income in the US rose much more than expected in April, while expenditure and prices rose in line with expectations, as per Trading Economics.

Weekly Outlook For Gold And Silver Prices From June 1-June 7:

Gold and silver prices ended the week with losses as investors turned cautious ahead of the U.S. PCE inflation report, which could influence the Federal Reserve's interest rate outlook. Gold declined around 1.7%, while silver dropped approximately 1.10% over the week. On Thursday, bullion prices rose nearly 1% after a U.S. federal appeals court allowed former President Donald Trump's tariffs to temporarily remain in place. This followed a ruling from the U.S. Court of International Trade, which had blocked the tariffs, calling their implementation method unlawful, as per SMC's note.

Noteworthily, San Francisco Fed President Mary Daly reiterated that while two rate cuts are still possible this year, interest rates should remain steady for now to ensure inflation returns to the Fed's 2% target.

In economic data, the U.S. GDP was revised to a -0.2% contraction in Q1, better than the initial estimate of -0.3% and beating expectations of -0.4%. Weekly jobless claims increased by 14,000 to 240,000, above forecasts of 230,000, and continuing claims rose to their highest since 2021, indicating a softer labor market, it said.

Fed minutes from May reflected a cautious stance, with policymakers waiting to assess the impact of past tightening. On the international front, the Reserve Bank of India increased its gold reserves to 879.59 tonnes in FY25, as per its latest annual report. Adding SMC's note said, on COMEX, gold faces resistance at $3365 and support at $3270 - a breakout on either side may define the next trend. A downside break could lead to $3180, while an upside move may target $3450. Silver is expected to remain in a $32-34 range. On MCX, gold is likely to trade between Rs. 92,800-96,600, and silver between Rs. 94,900-99,900 in the coming week.