Gold Price in India Shock Alert! 24K Up Rs 45800/100 Gm In Week; What To Expect From May 18-24? Outlook

Gold Price in India Shock Alert: Prices of 24 karat, 22 karat, and 18 karat gold in India witnessed sharp volatility last week as the Indian Rupee plunged to multiple record lows, crude oil prices remained firm, and the central government imposed higher tariffs on gold and silver imports. Following the trend, silver prices in India also rallied during the week.

Meanwhile, the fragile Iran-US ceasefire has done little to contain the widening conflict in West Asia. Investors continue to remain concerned about macroeconomic uncertainty, the risk of a global energy crisis triggered by the Strait of Hormuz blockade, and persistently high inflation.

As investors prepare for the coming week, here's everything you need to know about factors that may impact gold's trajectory.

Gold Rate in India

The price of 24 karat gold in India stood at Rs 15,693 per gram on Sunday, May 17. The rate of 22 karat gold in India stood at Rs 14,385 per gram. Likewise, the rate of 18 karat gold in India remained unchanged at Rs 11,770 per gram, as per Goodreturns data on Sunday.

24 karat gold rate in India saw one of its biggest ever single-day jumps in the previous week. In the last seven days, the precious metal has surged close to Rs 458 per gram. Which means, that the yellow metal has become Rs 45800 per 100 gram costlier in the duration.

Silver Rate in India

The price of silver in India remained unchanged on Sunday. Silver rate in India stood at Rs 280 per gram and at Rs 2,80,00 per kilogram.

Gold, Silver MCX

MCX Gold Futures with June expiry closed marginally lower at Rs 158450 per 10 gram on Friday, May 15. Whereas, MCX Silver Futures with July expiry ended the week at Rs 2,71,226 per kilogram. Gold and silver on MCX saw sharp jump a day after surge in government import duty.

International Gold Rate Today

While the gold rate in India saw gains in the week, the precious metal saw a correction in the international commodities market. The International gold stood at $4,530 per ounce on Friday, May 15 and registered close to 4% fall on a weekly basis.

Gold Price Weekly Outlook

Gold price in India is likely to remain volatile in the coming week as investors are likely to react to US economic indicators, inflation rate data, and diminishing expectations of US Federal Reserve rate cut.

"Following the sharp surge in prices that happened lately, there have been some profit-taking trades, although the safe haven appeal of gold has continued to buoy prices amid geopolitical tensions and worries about economic expansion. Locally, the high price could limit physical purchases a bit, while buying in the form of investments in ETFs and digital gold stays solid," explained Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara Pvt. Ltd.

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.