Gold prices in India climbed sharply by Rs 14,700 in its 10-day performance for 24 carats of 100 grams. The 10-gram gold price is at Rs 98,080 in 24 carat, near its record high. However, gold prices in major souk markets continue to be cheaper than the gold sold in India.
The prices of 10 grams of gold are Rs 98,080 for 24 carats, Rs 89,900 for 22 carats, and Rs 73,560 for 18 carats on May 25th. With that, the 24-carat gold price is now Rs 1,520 away from hitting its all-time high price of Rs 99,600.
100 grams of gold is available at Rs 9,80,800 in 24 carat, Rs 8,99,000 in 22 carat, and Rs 7,35,600 in 18 carat.
Gold prices in India are unchanged for two consecutive day from May 24th to May 25th. However, the prices were down by Rs 3,800 in 24 carat of 100 grams on May 23, but up by Rs 4,900 on May 22 and higher by Rs 24,000 on May 21st.
Meanwhile, 24 carat of 100 grams climbed by Rs 3,800 on May 19th, and by Rs 12,000 on May 16th. However, gold prices were unchanged on May 18th and May 17th. Notably, 100 grams gold price was also down by Rs 4,900 on May 20th, and sharply contracted by Rs 21,300 on May 15th.
Taking into consideration the above movement, the 100-gram gold price is overall up by Rs 14,700 from May 15th to May 25th. In the case of 10 grams of gold priced in 24 carats, it is up by Rs 1,470.
24-carat gold price stood at Rs 93,780 or 404.75 AED in Dubai, Abu Dhabi, Fujairah, Ajman, and Ras Al Khaimah on May 25. The 10 grams gold price is Rs 86,830 for 22 carats and Rs 71,040 for 18 carats in these UAE cities. In the local currency, 22-carat and 18-carat gold are available at 374.75 AED and 306.60 AED respectively.
The gold price is at 415 SAR or Rs 94,160 per 10 grams in 24 carat in Saudi Arabia on May 25, while 22 carat gold rate is at Rs 86,900 or 383 SAR. Lastly, gold price stood at Rs 71,110 or 313.40 SAR in 18 carat.
In Oman, Gold prices are at Rs 93,950 or 42.50 OMR in 10 grams of 24 carat, while at Rs 87,870 or 39.75 OMR in 22 carat. 18-carat gold price stood at Rs 71,840 or 32.50 OMR in 10 grams.
Moreover, gold prices are at Rs 94,450 or 404.50 QAR for 24 carats of 10 grams in Qatar, especially in Doha. The gold price in 22 carat is Rs 88,020 or 377 QAR, and Rs 72,030 or 308.50 QAR in 18 carat.
That being said, gold prices are cheaper in these souk markets than compared to India.
What is driving gold prices in India and other nations?
According to Trading Economics data, President Trump proposed a 50% tariff on imports from the European Union starting June 1st, while also threatening Apple with a minimum 25% tariff if it fails to relocate iPhone production to the US. The announcements come at a time when investors are increasingly frustrated by the lack of progress in trade negotiations. Gold is on track to end the week roughly 3% higher, supported not only by trade concerns but also by growing unease over the US fiscal outlook. President Trump's new tax bill, which recently passed in the House and now heads to the Senate for a vote expected by August, is projected to widen the US budget deficit by nearly $3 trillion over the next decade. Earlier this week, gold also found support from rising geopolitical tensions, following reports that Israel may target Iranian nuclear facilities.
Last week, on Friday, COMEX or spot gold prices surged over 1.5% to touch around $3,350 per ounce, as renewed trade tensions fueled risk aversion.
Also, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "US Initial jobless claims dropped to 227,000, below expectations, while both the flash manufacturing and services PMIs rose to 52.3, beating forecasts. Gold prices had initially gained on concerns over the US fiscal outlook and dovish remarks from Fed Governor Waller, who indicated that rate cuts may be possible in the second half of the year if tariffs stabilize around 10%. Despite the pullback, bullion remained supported by ongoing geopolitical tensions, including reports that Israel may strike Iran's nuclear facilities if US-Iran nuclear talks collapse."
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