Gold Rate In India On The Weekend: Rally Pauses, But No Relief For Buyers; 24K, 22K, 18K Prices Still High

Gold prices in India today underwent no major movement on this weekend, as the prices remained constant for the last two days. This week has been exceptionally bearish for the bullion market, as gold rate in India fell multiple times, which was good news for retail buyers who were under massive pressure due to rising prices.

The continuous rise in the gold rate in India has made it challenging for traditional buyers, especially during the ongoing wedding season in India. The 24-carat gold price in India is currently above Rs. 95,000 per 10 grams in the domestic market. While the 22-carat gold rate hovered near Rs. 87,000 per 10 grams,

Spot gold prices closed slightly higher as the dollar slipped. The US dollar index slipped by 0.49%, increasing the attractiveness of gold as an alternative investment.

Gold Prices in India Today

On May 18th the 22-carat gold rate in India steadied at yesterday's rate to cost Rs. 87,200 per 10 grams. While the 24-carat gold prices today are at Rs. 95,130 per 10 grams. Similarly, the 18-carat gold rate today retails at Rs 71,350. Likewise, the 18-carat gold rates stood at Rs. 71,350 per 10 grams.

In a similar line, the 100 grams of 22-carat gold stand at Rs 8,72,000. While the 24-carat gold price in India per 100 grams is now retailing at Rs 9,51,300.

MCX Gold and Silver Futures Update

Gold futures prices on the Multi Commodity Exchange (MCX), expected to mature on June 5, 2025, closed 0.74% lower at Rs 92,480. Similarly, silver futures, with an expiry date of July 4th, dropped by 0.64% to settle at Rs 95,297.

City-Wise Gold Rates Today

Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored the gold rates in India today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on May 18th.

Silver Price Movement in India

Silver prices in India on Sunday, May 18th Show no major movements, so 1kg of silver in India costs Rs 97,000. While 100g of silver rates in India cost Rs 9,700.

Market Outlook for Gold Prices

"Gold is expected to move in a tight range ahead of this week's FOMC policy. On the upside, $3300 would act as immediate resistance, whereas $3220 would hold key support for the day. A drop in net longs again last week signalled profit booking in the metal. Meanwhile, no specific timeline on a US-China trade deal would provide support to the yellow metal. Additionally, weakness in the dollar would help the metal to hold its ground. Meanwhile, investors will keep their eyes on key economic numbers from the US to get more clarity on the timing of the US Fed rate cut." As per the ICICI Direct Commodity Report.

Spot Gold Prices + Spot Silver Price Today

Reuters in its report mentioned, "Spot gold rose 1.3% to $3,218.89 an ounce by 1351 ET (17:51 GMT) after hitting a more than one-month low earlier in the session. U.S. gold futures settled 1.2% higher at $3,226.6. Spot silver rose 0.8% to $32.47 an ounce."

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