Gold Rate in India Rebounds After A Huge Rs.32,000/100g Drop; Check 24K, 22K, 18K Gold & Silver Prices, May 13

After a sharp fall yesterday, gold prices in India have shown a slight recovery this morning. The gold rate in India took two major hits on the previous day, once during the morning session, where rates dipped by Rs. 1800 per 10 grams, and again later in the evening when the 24-carat gold rate fell further by Rs. 1400 per 10 grams, which brought prices to Rs. 95,460 per 10 grams. This drop was mainly due to easing India-Pakistan tensions and weak global demand. Additionally, international sentiment shifted after both the US and China agreed to pause tariff hikes for 90 days, reducing the immediate appeal of safe-haven assets.

Although global gold prices have pulled back from recent highs, analysts believe that any escalation in geopolitical tensions could once again drive prices sharply higher.

Gold Rate in India, May 13

Today, the 24 carat gold rate in India rose up by Rs. 160 per 10 grams to cost Rs. 95,620 per 10 grams. While the 22-carat gold prices today jumped by Rs. 150 per 10 grams to cost Rs. 87,650 per 10 grams. And just like that, the 18-carat gold rate today also stepped up by Rs 130 per 10 grams, and it currently stands at Rs 71,720 per 10 grams.

Meanwhile, the cost of 100 grams of 22-carat gold stands at Rs 8,76,500 after rising Rs 1600. While the 24-carat gold price in India per 100 grams is now priced at Rs 9,56,200, which rose by Rs. 1500.

Silver Rate in India Today, May 13

Silver prices in India today declined once again, the second time consecutively this week. As of now, 1kg of silver in India is Priced Rs 96,900, which declined by Rs 100. While 100g of silver rates in India cost Rs 9,690 after slipping Rs 100.

Outlook for Gold Prices Ahead

"Gold is expected to slip further towards the USD 3190 level on a strong dollar and rise in US treasury yields. Further, demand for safe havens may fade as the US and China agreed to slash massive tariffs on each other for 90 days, a move to cool trade tension between the 2 largest economies. Moreover, the trade deal has given more space to the US Federal Reserve to wait on cutting interest rates. The agreement has reduced the chance of economic slowdown in the US. Meanwhile, all eyes will be on CPI data to get more clarity on interest rate outlook," as per the ICICI Commodity report.

Gold and Silver Futures Prices ON MCX

Gold futures prices at the multi-commodity exchange Underwent some gains today at the opening bell. Gold futures, which are expected to mature on June 5th, surged 0.62% and are currently trading at Rs. 93,475 per 10 grams. Similarly, silver futures slated to mature on 4th July rose 1.61% to trade at Rs 96,877 at the time of writing.

"MCX Gold June is expected to slip towards Rs. 91,800 level as long as it stays below ₹93,700 level. While MCX Silver July is expected to rise back towards Rs. 97,000 level as long as it trades above 94,500 level." According to the ICICI Commodity report.

Spot Gold Prices + Spot Silver Price Today

Reuters, in its latest commodity report, cited, "Spot gold held steady at $3,230.99 an ounce, as of 0309 GMT. Bullion recorded a 2.7% decline in the previous session. U.S. gold futures were up 0.2% to $3,235.20. Spot silver rose 0.6% to $32.78 an ounce."

City-Wise Gold Rates Today

Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, observed this rise in gold rates today.
Here's the latest city-wise update on 22-carat and 24-carat gold rates on May 13th.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor GoodReturns. The author, nor the brokerage firm nor GoodReturns 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.