Gold Rate in India Today Climbs Again After Rs.12,500/100g Fall; Check Latest 24K, 22K, 18K Prices for May 10

Gold prices in India today witnessed a sharp spike after a massive fall seen yesterday. Gold rates across all major cities extended gains this week and are now trading close to their 52-week highs. With the ongoing India-Pakistan border tensions, safe-haven demand has surged, and gold rate in India are expected to remain elevated in the near term.

Additionally, the recent decline in the US Dollar Index is supporting gold prices globally, which in turn is boosting domestic gold rates in India. The rise in geopolitical risk is currently fuel the rally in gold rates today across markets.

Gold Rate in India Today

On May 10th, the 24 carat gold rate in India surged by Rs. 330 per 10 grams to cost Rs. 98,680 per 10 grams. While the 22carat gold prices today climbed by Rs. 300 and cost Rs. 90,450 per 10 grams. Similarly, the 18-carat gold rate today also spiked by Rs 250 per 10 grams to cost Rs 74,010.

Just like that, the 100 grams of 22-carat gold stand at Rs 9,04,500 after rising Rs 3300. While the 24-carat gold price in India per 100 grams is now retailing at Rs 9,86,800, which jumped by Rs 3000.

Silver Rate in India Today

Silver prices in India today slipped after back-to-back gains. Currently, 1kg of silver in India costs Rs 98,900, which declined by Rs 100. While 100g of silver rates in India cost Rs 9,890 after jumping Rs 100.

Market Outlook for Gold Prices

"Gold is expected to slip further towards $3270 level on strong dollar and surge in US treasury yields. Further, demand for safe havens may fade on optimism over a potential trade deal between the US and its major trading partners after the US and the UK announced a bilateral trade deal. Moreover, investors hope breakthrough in trade talks between the US and China when they meet on Saturday. Additionally, the US Federal Reserve has left its interest rate steady and signalled that the central bank is in no hurry to cut interest rates. Furthermore, the market will keep a close eye on speeches from several Fed officials for further insight into the economy and the central bank's policy path. Meanwhile, a sharp fall may be cushioned by rising geopolitical tension between India and Pakistan, as per the ICICI Commodity report.

MCX Gold and Silver Futures Price Update

At the end of Friday's close, gold futures slated to mature on June 5 on the Multi Commodity Exchange (MCX) rose slightly and are currently standing at Rs 96,535 per 10 grams after rising 0.02%. Similarly, silver futures, which are set to mature on 4th July, also closed in green at Rs. 96,748 per kg rising 0.02%.

City-Wise Gold Rates Today

Gold rates in major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored this massive spike in the gold rates today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on May 10t

Spot Gold Prices + Spot Silver Price Today

As per a latest report by Reuters, "Spot gold was up 1.1% at USD 3,340.29 an ounce at 1346 ET (17:46 GMT) and has gained 3.1% so far this week. U.S. gold futures settled 1.1% higher at USD 3,344. Spot silver added 0.8% to USD 32.75 an ounce."