Gold prices in India took a breather from its three consecutive losing streak. On May 3, Saturday, gold rates in India were unchanged. This comes after 24K of 100 grams of gold crashed by Rs 24,006 in three days. All forms of gold such as 10 grams, 8 grams, and 1 gram fell sharply from April 30th to May 2nd. Yellow metal came under pressure due to profit booking and international gold price hitting their worst in 2 months.
Here's a detailed breakdown of gold prices in India's big cities:
24K gold price is at Rs 9,55,100 in 10 grams on May 3rd, while 10 grams gold price is at Rs 95,510, followed by 8 grams gold price at Rs 76,408, and 1 gram gold at Rs 9,551.
Further, 22K gold price stood at Rs 87, 550 in 10 grams, at Rs 8,75,500 in 100 grams. Additionally, gold stood at Rs 70,040 in 8 grams and at Rs 8,775 in 1 gram.
The prices of 100 grams and 10 grams of gold were at Rs 7,16,400 and Rs 71,640 in 18K. In the same carat, gold was at Rs 71,640 in 8 grams and at Rs 7,164 in 1 gram.
From April 30th to May 2nd, 22K gold prices fell by Rs 22,500 in 100 grams and by Rs 2,250 in 10 grams. While 24-carat gold prices dropped by Rs 24,600 in 100 grams and by Rs 2,460 in 10 grams.
Silver prices also remained unchanged on May 3. 1 Kg silver price is at Rs 98,000, while 100 grams and 10 grams silver price is at Rs 9,800 and Rs 980. 8 grams silver price is at Rs 784, and the cheapest silver is of 1 gram at Rs 98.
Silver prices in cities like Hyderabad, Kerala and Chennai are expensive and still holding above Rs 1 lakh mark.
MCX Gold, Silver Prices:
After market hours of May 2nd, MCX gold price ended at Rs 92,700, marginally up by Rs 63 or 0.07%. On the other hand, MCX silver price finished at Rs 93,151 per 1kg, down by Rs 138 or 0.15%.
Spot Gold Price:
Gold traded around $3,250 per ounce on Friday, heading for its worst week in over two months, as signs of easing trade tensions dampened demand for safe-haven assets. China said it is considering the possibility of initiating trade talks with the US, raising hopes of a de-escalation between the two world powers. This followed President Trump's remarks that trade deals could be made with India, Japan, and South Korea, adding there's a "very good chance" of a deal with China, as per Trading Economics.
What To Expect Ahead?
Gold prices rebounded strongly after a minor gap-up opening, gaining ₹950 to trade at ₹93,325 on the MCX. Comex gold also found crucial support near $3,200, with sentiment stabilizing amid persistent ambiguity over US-led trade deals, said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
He added, the lack of clarity and shifting stances from the US on ongoing trade discussions has led market participants to unwind short positions in gold, providing fresh upside momentum. With trade talks showing little concrete progress, safe-haven interest is returning gradually.
"Volatility is expected to remain elevated, with gold likely to trade in a broad range of ₹92,000-₹94,500 in the coming sessions." said Trivedi lastly.
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