Gold Rate In India Registers 4th Rise of the Week on 24th May: 24K, 22K,18K Gold Inches Closer to Record High

As the week concludes, gold prices in India have surged once again with the fourth price increase in the past six days. Yesterday, gold rate in india fell by Rs.3,500 per 100 grams for 22-carat yellow metal, briefly offering relief to retail buyers. However, the prices rebounded sharply today, climbing by Rs.5,000 per 100 grams, due to both domestic and global factors.

Gold prices globally rose 5.1% this week, reaching their highest level in over two weeks as the U.S. dollar slipped 0.9%, providing further support to gold. In global markets, stock indices tumbled after former U.S. President Donald Trump proposed a 50% tariff on European Union imports, effective June 1, escalating trade tensions. That has added upward pressure on gold prices.

Gold Rate in India Today

On Saturday, May 24, the 24-carat gold rate in India today surged by Rs. 550 per 10 grams to cost Rs. 98,080 per 10 grams. While the standard gold or the 22-carat gold prices today jumped by Rs. 500 per 10 grams to cost Rs. 89,900 per 10 grams. Similarly, the 18-carat gold rate today also spiked by Rs 410 per 10 grams, and it currently retails for Rs 73,560 per 10 grams.

Similarly, for the higher weight quantity, the 100 grams of 22-carat gold cost Rs 8,99,000, which surged by Rs 5000. While the 24-carat gold price in India per 100 grams now costs Rs 9,80,800 after slipping by Rs 5,500 per 100 grams.

Silver Rate in India Today

Silver prices in India today fell slightly, where 1kg of silver is currently retailing at Rs. 99,900 per kilogram after dropping Rs. 100. Meanwhile, 100g of silver rates in India cost Rs 9,900 fell Rs. 10.

MCX Gold Futures and Silver Futures Prices

Gold futures at the multi-commodity exchange closed in the red at the end of Friday's trade. Gold futures, which are expected to mature on June 5th, ended at Rs 96,400 per 10 grams, slipping by 0.02% per 10 grams. Similarly, silver futures slated to mature on 4th July declined by 0.06% to tosettle at Rs 98,000 per kilogram.

Gold Price Outlook Ahead

"Gold edged down to USD 3,293.36 per ounce on Thursday, snapping a three-day gain that was helped by a weaker dollar. Silver and palladium declined. Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day; after Moody's Ratings' decision to strip the US of its top credit rating, investors are now concerned that President Donald Trump's signature tax bill - which passed the House and now goes to the Senate - will boost the already swelling deficit." as per Nirmal Bang Securities report.

Spot Gold Prices + Spot Silver Price Today

According to the latest Reuters report, "Spot gold gained 2.1% to $3,362.70 an ounce by 1356 ET (1756 GMT). Bullion rose 5.1% this week to touch an over two-week high. U.S. gold futures settled 2.1% higher at $3,365.8. Spot silver rose 1.1% to $33.44."

City-Wise Gold Rates Today

Several major metropolitan cities in India, such as Chennai, Mumbai, Bangalore, and Hyderabad, witnessed a significant spike in gold prices today. Here's the latest city-wise update on 22-carat and 24-carat gold rates as of May 24th, Saturday.

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