Gold rates in Indiaclimbed sharply for two consecutive days, with 24 carat of 100 grams gold price up by Rs 28,900 and 22 carat gold up by Rs 26,500. Currently, the price of 10 grams gold is at Rs 97,920 and Rs 89,760 in 24 carat and 22 carat respectively. On May 23, volatility is expected in yellow metal, with experts suggesting a cautious tone to investors amid global crosscurrents.
24 carat gold prices are at Rs 97,920 per 10 grams and Rs 9,79,200 per 100 grams in the early hours of May 23. 100 grams gold price surged by Rs 4,900 on May 22nd, and up by Rs 24,000 on May 21st. In the two days, the price was up by whopping Rs 28,900 in 100 grams, and up by Rs 2,890 in 10 grams.
Furthermore, 22 carat gold is available at Rs 89,760 per 10 grams and at Rs 8,97,600 per 10 grams. On May 22nd, 100 grams gold price surged by Rs 4,500 and was up by Rs 22,000 on May 21st, taking the total upside to Rs 26,500.
Additionally, 10 grams and 100-gram gold prices are at Rs 73,450 and Rs 7,34,500 in 18 carat.
On Thursday, the House budget bill that narrowly passed, would effectively put the brakes on a clean energy production boom in the United States spurred by tax credits enacted in 2022.
"The bill to carry out President Donald Trump's "one big beautiful bill" plan that would further his tax cuts and boost spending on the military and border enforcement would kill Inflation Reduction Act tax credits for clean energy years earlier than initially planned in an earlier draft, rendering them unusable for most projects," said Anuj Gupta, HDFC Securities in a note.
According to Gupta, the bill is expected to be positive for the dollar, which may result in a mild correction in gold prices.
1Kg silver price is currently at Rs 1,01,100, while 100 grams and 10 grams silver are available at Rs 10,110 and Rs 1,011. Silver in 1kg climbed by Rs 1,000 on May 22nd, following Rs 3,000 jump on May 21st.
MCX gold futures, with June 2025 expiry, closed at Rs 95,600 per 10 grams on May 22nd, which is marginally up. Further, MCX silver with July 2025 expiry, is at Rs 97,897 per 1kg, up by Rs 101 or 0.10%.
"Gold prices traded positive, rising over Rs 800 to reach Rs 96,400 on the MCX, supported by a sharp decline in the U.S. Dollar Index and renewed concerns over U.S. debt sustainability. The weaker dollar and ongoing global geopolitical uncertainties have sustained investor interest in gold as a safe-haven asset," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities in a note.
Gold Prices Outlook On May 23:
According to Trivedi, market participants should brace for continued volatility, driven by dollar index fluctuations, rupee movement, and key macroeconomic indicators. This week's U.S. Manufacturing and Services PMI, along with New Home Sales data, are expected to influence gold's short-term direction.
"The price range for gold in the coming days is likely to stay between Rs 95,000 and Rs 96,500, with traders advised to maintain a cautious stance amid global crosscurrents," he said.
Also, spot gold prices fell nearly 1% to around $3,290 per ounce, snapping a three-day winning streak, as traders booked profits and a firmer US dollar weighed on sentiment. The dollar's rebound reduced gold's appeal as a safe haven, though underlying concerns about US fiscal policy continue to support longer-term demand. Moody's recently downgraded the US sovereign credit rating by one notch, citing its $36 trillion debt burden. Market participants are also wary of the potential for even greater deficits if President Trump's proposed tax-cut bill is passed, as per Trading Economics.
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