Gold Rate In India Bounce Back Strongly After Rs. 26,700 Fall; Check City-Wise 24k,22k,18k Gold Price, May 16

Gold prices in India today took a leap after falling by nearly Rs. 26,700 per 100 grams in the past two days for 24 karat gold. The recent dip in the gold rate in India had come as a welcome relief for retail buyers, especially with the ongoing wedding season. However, the sudden decline also triggered the buying enthusiasm among consumers, leading to a big jump in gold price today.

Both investors and traditional buyers took advantage of the dip. With weddings in full swing across the country, the demand for gold jewellery is currently very high, which is pushing the prices up.

Meanwhile, in the international market, spot gold prices slipped slightly due to a stronger US dollar, which rose for the fourth consecutive time this week. Additionally, signs of easing global trade tensions have put slight pressure on the yellow metal; hence the drop in prices.

What Is The Gold Rate In India Today?

On May 16, the pure gold or 24-carat gold rate today surged by Rs. 1200 per 10 grams to cost Rs. 95,130 per 10 grams. While the standard gold or the 22-carat gold prices today jumped by Rs. 1100 per 10 grams to cost Rs. 87,200 per 10 grams. Similarly, the 18-carat gold rate today also increased by Rs 900 per 10 grams, and it currently retails for Rs 71,350 per 10 grams.

And just like that, the 100 grams of 22-carat gold cost Rs 8,72,000 after surging Rs 11,000. While the 24-carat gold price in India per 100 grams is now retailing at Rs 9,51,300 after registering a rise of Rs 12,000 per 100 grams.

Silver Rate in India Today, May 16

Silver prices in India today showed no major movement and remained stable at yesterday's pricing, where 1kg of silver dropped by Rs. 900. The current silver rate in India is at Rs 97,000 per kilogram. While 100g of silver rates in India cost Rs 9,700.

Market Experts for Gold Prices

"Earlier this week, the U.S. and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April. On the data front, data showed U.S. producer prices fell unexpectedly in April, while retail sales growth slowed. Yesterday, comments from President Trump and Governor Powell also triggered volatility in the market. Governor Powell kept his wait-and-watch stance intact; however, he did mention that it is appropriate to reconsider average inflation targeting. Amidst all these updates and data points, gold settled above USD 3200 once again; however, it is important to note that any update regarding US and China trade talks could again weigh on prices." Said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd.

MCX Gold and Silver Futures Update

Gold futures prices at the multi-commodity exchange, which are expected to mature on June 5th currently trading at Rs. 93,165 per 10 grams. Similarly, silver futures slated to mature on 4th July Dropped by 0.01% to trade at Rs 95,928.

"MCX Gold June is expected to rise towards Rs. 94,000 level as long as it stays above the Rs. 92,300 level. While the MCX Silver July is expected to rise further towards Rs. 97,000 level as long as it trades above the Rs. 94,500 level." according to the ICICI Commodity Report.

Spot Gold Prices + Spot Silver Price Today

According to the latest Reuters report, "Spot gold prices declined by 0.8% to USD 3,213.56 per ounce as of 04:29 GMT, while U.S. gold futures slipped 0.3% to USD 3,217.20. Similarly, spot silver also saw a dip, falling nearly 1% to $32.37 per ounce. "

City-Wise Gold Rates Today

Some of the top metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, experienced this huge surge in gold prices. Here's the latest city-wise update on 22-carat and 24-carat gold rates on May 16th .

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