Another Heavy Fall In Gold Rate Today In India, 18 May: 24k, 22k, 18k Gold Price Crash For 3rd Straight Day

At the beginning of the third week of May, the gold rate today in India slipped sharply, bringing some relief to buyers after weeks of elevated prices. This marks the third consecutive session of decline in gold prices as the market continues to witness bearish trends. The yellow metal had already fallen nearly 4% last week, while easing Middle East tensions and a stronger US dollar further weighed on global gold prices.

Gold prices, however, steadied slightly on Monday as dip-buying helped the market recover from earlier losses after the precious metal touched a more-than-one-month low. Rising oil-driven inflation concerns and expectations that interest rates may remain higher for a longer period continued to keep pressure on bullion prices.

According to FXStreet, "Spot gold was steady at $3,240.36 per ounce, as of 0241 GMT, after hitting its lowest level since March 30 earlier in the session."

Gold Rate in India Today

As of 18th May, Monday, 24-carat gold rates in India fell by Rs.710 per 10 grams to cost Rs. 1,56,220. While the 22-carat gold price in India slipped sharply at Rs.650 per 10 grams, it costs Rs. 1,43,200. Similarly, the smaller 18-carat gold rates declined by Rs. 530 to retail at Rs. 1,17,700 per 10 grams.

And just like that, 100 grams of 24-carat gold rates now retail at Rs 15,62,200, and the 22-carat gold rates per 100 grams now cost Rs 14,32,000.

Silver prices in India today

Silver rates in India today surged after falling by Rs. 30000 in three sessions.On the 18th of May, 1 kg of silver in India cost Rs.2,90,000. While 100 g of silver rates in India retail at Rs 29,000.

City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India

The latest gold prices for 22-carat gold prices and 24-carat gold in major Indian cities are similar to national gold prices today.

Gold Price in Chennai: The current 24-carat gold price in Chennai is Rs.1,43,400 per 10 grams, while the 22-carat gold price in Chennai stands at Rs. 1,43,200 per 10 grams.

Gold Price in Bangalore: As of today, the 22-carat gold rate in Bangalore stands at Rs. 1,43,200 per 10 grams, whereas the 24-carat gold rate in Bangalore is Rs. 1,56,220 per 10 grams.

Gold Price in Hyderabad: The 22K gold price in Hyderabad is Rs. 1,43,200 per 10 grams, while the 24K gold price in Hyderabad is Rs. 1,56,220 per 10 grams.

Gold Price in Mumbai: The 22-carat gold in Mumbai is Rs. 1,43,200 per 10 grams, whereas the 24-carat gold price in Mumbai stands at Rs. 1,56,220 per 10 grams.

MCX Gold and Silver Prices

Currently, gold futures prices on the MCX, which are going to mature on June 5th, are trading at Rs. 1,58,533 after slipping by 0.01%. Similarly, silver futures prices set to mature on July 3rd are trading at Rs. 2,70,561, down 0.49% at the time of writing.

Gold Price Outlook Ahead

"Spot Gold is likely to move lower towards $4450 as a stronger dollar, rising US treasury yields and hot inflation numbers has raised the bets that the Federal Reserve will hold interest rates higher for longer. According to the latest CME FedWatch Tool, the probability of a 25-bps rate cut this year stands at only 1%, while a 25-bps rate hike has jumped to 51% due to persistent inflation concerns. Meanwhile, geopolitical tensions could provide some support to prices, as per the ICICI Direct Commodity Outlook report

"MCX Gold June is expected to move in the range of Rs .156,000- Rs. 161,000. Only a move below Rs. 156,000 would slip towards Rs. 154,000. However, a weaker rupee could limit downside in domestic bullion prices," the report further noted.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.