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Gold Rate In India Rs 1,520 Away From Peak; 24K, 22K, 18K Gold Prices; Will Gold Crash Or Rise From May 26-31
Gold rates in India recorded buying sentiment last week, with 24 carat gold price crossing the Rs 98,000 mark in 10 grams. Overall, gold rates are up by 2.5% and silver prices surged nearly 2% in May so far. Precious metals are expected to be unchanged on May 25, however, they will brace for volatility in the coming week's trading sessions.
"Gold found renewed strength, experiencing buying at lower levels after dropping to $3150 last week. Silver prices mirrored gold's trend, closing above $33.25. On MCX, gold and silver settled near 96000 and 98000 respectively. Lingering uncertainty and changing investment landscape have injected some volatility into the bullion counter. Gold and silver can trade in a range of 93000-98000 and 94000-101000 respectively," said SMC Global Securities weekly outlook note.
Gold Prices In India:
The prices of 10 grams of gold are Rs 98,080 in 24 carat, Rs 89,900 in 22 carat, and Rs 73,560 in 18 carat. With that, 24 carat gold price is now Rs 1,520 away from hitting its all-time high price of Rs 99,600.
While 100 grams gold is available at Rs 9,80,800 in 24 carat, at Rs 8,99,000 in 22 carat and Rs 7,35,600 in 18 carat.
Precious metals prices were unchanged on Saturday, May 24th. The prices are likely to remain the same on Sunday, May 25th as well.
Gold Rates In India Performance For 10 Days:
Gold prices are unchanged on May 24th in 22 carat, after falling by Rs 350 in 10 grams on May 23rd. This comes after gold rates climbed by a whopping Rs 450 on May 22nd, and up by Rs 2,200 on May 21st.
Yellow metal was down by Rs 450 on May 29th, but up by Rs 350 on May 19th. However, prices were unchanged on May 18th and May 17th. Gold gained by Rs 1,100 on May 16th, but crashed by Rs 19,500 in 22 carat on May 15.
Gold Prices In Major Cities:
Silver Prices In India:
Silver rates recorded a volatile week. 1Kg silver price was unchanged on May 24th, but down by Rs 1,000 on May 23. However, silver gained by Rs 1,000 and Rs 3,000 on May 22nd and May 21st. Notably, silver slipped by Rs 1,000 on May 20th, but surged by Rs 1,000 on May 19th. Silver prices were unchanged on May 18th, May 17th, and May 16th. Silver was also down by Rs 900 on May 15th.
Currently, 1kg of silver price is at Rs 99,900, while 100 grams and 10 grams of silver are available at Rs 9,990 and Rs 999. Meanwhile, 8-gram and 1-gram silver rates are at Rs 799.20 and Rs 99.90 respectively.
MCX Gold, Silver Prices:
"The bullion market witnessed a strong rally, with gold prices surging over 3% and silver gaining nearly 3%, driven by renewed safe-haven demand amid growing concerns over the U.S. fiscal outlook," SMC's note said.
The brokerage highlighted that the House's recent passage of a tax bill, now awaiting Senate approval, is projected by the Congressional Budget Office to add nearly $4 trillion to the deficit, raising alarms about long-term fiscal instability. Adding to the pressure, Moody's downgraded the U.S. credit rating, citing rising deficits and growing debt servicing costs.
Also, geopolitical tensions supported bullion prices, especially after reports suggested Israel might target Iranian nuclear facilities, stoking fears of broader conflict in the Middle East. Further uncertainty stems from the Kremlin's confirmation that no direct peace talks are planned between Russia and Ukraine, said SMC's note.
Last week, on May 23rd, MCX gold price with June 2025 expiry, ended at Rs 96,400 per 10 grams, down marginally by Rs 21 0r 0.02%.
Also, MCX silver price with July 2025 expiry, closed at Rs 98,000 on May 23rd, lower by Rs 54 or 0.06%.
Spot Gold Price:
Gold prices climbed over 1.5% on Friday, hitting about $3,350 per ounce, as renewed trade tensions fueled risk aversion.
On the demand side, the brokerage's note said, Chinese customs data revealed a 73% surge in gold imports in April, reaching an 11-month high of 127.5 metric tonnes. This spike comes as Beijing expanded import quotas amid heightened trade tensions with the U.S.
Gold, Silver Prices Weekly Outlook For May 26 to May 31:
Although U.S. business activity picked up in May, SMC's note mentions that Trump's tariffs have driven up costs for both businesses and consumers. Looking ahead, upcoming U.S. trade deals are expected to significantly influence gold prices.
Additionally, it said, the fragile state of the global bond market remains a bullish factor for gold, helping to limit downside risk.
On the technical front, COMEX gold is facing resistance near $3,420 and support around $3,280, while silver may range between $31.80 and $34.60. Domestically, MCX gold is expected to trade with a sideways to positive bias, with support at Rs. 92,500 and resistance near Rs. 98,500. Silver on MCX could range between Rs. 94,500 and Rs. 102,500 in the coming week, as per SMC.
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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