Sharp Fall in Gold Rate in India On May 20; 24K, 22K, 18K Gold Price Now 6% Below Record Highs Across India

Gold prices in India fell sharply today after a brief rise seen at the start of the week. Over the past 10 days, gold rates in India have been fluctuating up and down, but overall prices continue to hover near all-time highs. In major cities such as Chennai, Hyderabad, Bangalore, and Mumbai, gold prices fell today, offering a buying opportunity for customers during the peak wedding season when gold purchases typically surge.

The dip in gold rates today comes amid easing geopolitical tensions between Russia and Ukraine, which has reduced the safe-haven appeal of gold in international markets. The US Dollar Index, which had shown a slight recovery earlier, also slipped and is currently trading at 100.29, down 0.29%, further influencing gold price trends.

Current gold rate in India

On May 20, the pure or 24-carat gold rate today declined by Rs. 490 per 10 grams to cost Rs. 95,020 per 10 grams. While the standard gold or the 22-carat gold prices today declined by Rs. 450 per 10 grams to cost Rs. 87,100 per 10 grams. Similarly, the 18-carat gold rate today also declined by Rs 360 per 10 grams, and it currently retails for Rs 71,350 per 10 grams.

And just like that, the 100 grams of 22-carat gold cost Rs 8,71,000 after dropping Rs 4,500. While the 24-carat gold price in India per 100 grams is now retailing at Rs 9,50,200 after registering a drop of Rs 4,900 per 100 grams.

Silver Rate in India Today, May 20

Silver prices in India today fell aftre a rise yesterday. Today 1kg of silver dropped by Rs. 1000. The current silver rate in India is at Rs 97,000 per kilogram. While 100g of silver rates in India cost Rs 9,700 aftre slipping Rs. 100.

Market Experts On Gold Price Outlook

"Spot gold prices ended on a negative note, losing more than 1%, while silver prices declined by 1 % on Friday due to a strong dollar and a rise in U.S. treasury yields. Further, prices slipped as demand for a safe haven faded because of a temporary U.S.-China trade agreement and easing geopolitical tensions. Gold is expected to rise further towards the USD 3265 level on a weak dollar following the surprise downgrade of the U.S. government's credit rating. Moreover, investors are also concerned about rising debt as Republicans seek to approve a sweeping package of tax cuts, which could add an estimated USD 3 trillion to USD 5 trillion in new debt over the next decade, as per the ICICI Commodity Outlook Report.

Gold and Silver Futures Prices On MCX

Gold futures at the multi-commodity exchange also slipped this morning. Gold Futures which are expected to mature on June 5th currently trading at Rs. 93,115 after declining 0.20% per 10 grams. Similarly, silver futures slated to mature on 4th July dropped by 0.21%. To trade at Rs 95,250.

"MCX Gold June is expected to rise towards Rs. 93,750 level as long as it stays above the Rs. 91,800 level. MCX Silver July is expected to slip towards Rs. 93,800 level as long as it trades below the Rs. 96,300 level." as per the ICICI Commodity Outlook Report.

Spot Gold Prices + Spot Silver Price Today

According to the latest Reuters report, "Spot gold was down 0.5% at USD 3,213.35 an ounce, as of 0427 GMT. U.S. gold futures slipped 0.6% to USD 3,215.50. Spot silver fell 0.6% to USD 32.17 an ounce."

City-Wise Gold Rates Today

Some of the top metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, experienced this huge surge in gold prices. Here's the latest city-wise update on 22-carat and 24-carat gold rates on May 20th.

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.