Gold Rate In India Drops Rs 35,500 For 24K/100 Grams In 5 Days; Know 24K, 22K, 18K Gold Prices; Buy On May 17?

Gold rates in India witnessed a sharp decline from May 12-16, with the gold price of 24K in 100 grams slipping by Rs 35,500 and 10 grams down by Rs 3,550. Silver prices also dipped steeply too. Yellow metal continues to be in focus on May 17, however, trading at MCX will be closed. Its shubh muhurat for weddings, and with gold prices falling sharply, is it time to buy?

Gold prices in India:

100 grams of gold is priced at Rs 951,300 in 24 carat, at Rs 713,500 in 18 carat, and at Rs 872,000 in 22 carat. Furthermore, the price of 10 grams of gold is Rs 95,130 in 24 carat, Rs 87,200 in 22 carat, and at Rs 71,350 in 18 carat.

24-carat gold prices were down by Rs 32,200 in 100 grams on May 12, while prices were down by Rs 5,400 on May 14 and lower by Rs 21,300 on May 15. The gold price of 100 grams did surge by Rs 11,400 and Rs 12,000 on May 13 and May 16. However, overall, the week saw the biggest selling of May 2025.

From May 12 to May 16, 100 grams of gold price plunged by Rs 35,500 and down by Rs 3,550 for 10 grams of 24 carats after taking into consideration both rise and falls.

Gold Prices In Major Cities:

Time To Buy Gold?

This decline is attributed to changes in the global landscape, including softening US inflation and the improvement in the US-China trade relationship, which in turn has reduced the level of risk aversion towards gold. These global trends may continue to weigh on gold prices in the short term, wrote Kirang Gandhi, a pune based personal financial mentor in a note.

Meanwhile, Trivesh, COO Tradejini said there is an old saying that gold is like a stack of the last few fresh oxygen cylinders when the entire air is intoxicated, and what a time we are living in. Gold recently touched the Rs 1 lakh mark per 10g in the April 2025 and its price has doubled in less than three years.

What's interesting is who's buying. Trivesh added, "It is not just retail investors, central banks are the ones leading the charge. Over the past five years, global central banks including those of India, the US, China, Turkey, and Russia have been steadily increasing their gold reserves. The Reserve Bank of India, for instance, added 57.5 tonnes in the last fiscal year, bringing its total holdings to 879.6 tonnes by March 2025, valued at over $97 billion."

There is a clear reason behind this shift. But, Trivesh also said, "a fear over US debt, currency devaluation, and geopolitical instability rise, the dollar's safe-haven status is being questioned. In a world facing wars, inflation, and the possibility of a recession, central banks seem to be returning to the one asset that has stood the test of time gold."

For everyday investors, gold isn't just a precious metal anymore. It's quietly re-emerging as a financial safety net. Whether through gold ETFs, mutual funds, or even digital savings platforms, investors are looking to build steady exposure and rupee cost averaging makes that journey a bit smoother, as per Trivesh.

Also, Sanket Prabhu Director and Head of Wealth believes digital gold can be an alternative to buying physical gold which not only provides the benefit of holding gold physically but provides transparency on purity and the gold bought is secured in a bank-grade vault on investors' behalf, providing additional security without additional cost. Not only this but transactions can be done in a few clicks from the ease of your home with a starting price of as low as Rs. 100.

In the medium term, Gandhi's note however said that influences such as central bank buying and potential economic uncertainties could underpin the price of gold. Indian investors still view gold as a good hedge against inflation and currency depreciation. Consider a systematic investment approach such as SIPs, ETFs etc to help you manage market volatility as well.

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