Gold Price India Below Rs 1.57 Lakh, Silver Near Rs 2.8 Lakh: Will Monday Push Bullion Higher? May 18 Outlook

Gold Price India Outlook: The price of 24 karat, 22 karat, and 18 karat gold in India saw massive volatility in the past one week. Silver rate in India also huge volatility as the white metal crossed the Rs 3 lakh mark, months after hitting all-time highs.

Indian Rupee weakness, crude oil price's trajectory, and uncertainty over Iran-US peace talks will impact gold price trajectory. As investors prepare for Monday's trading session, let's decode how gold rate in India is likely to move on Monday, May 18.

Gold Rate in India Today

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.

The 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

Silver rate in India stayed flat on Sunday, with prices showing no fresh movement. The silver rate in India stood at Rs 280 for each gram, translating to Rs 2,80,000 for every kilogram in the retail market during the latest trading session.

Gold Price Outlook, Monday, May 18

Gold rates in India are likely to remain volatile on Monday, with a downward bias if the strengthening of the US dollar and Treasury yields continues to weigh on international gold prices. However, further weakness in the Indian rupee could lend support to domestic gold prices.

In the long-term, gold rate in India is likely to see gains, due to safe-haven demand. "The outlook remains bullish, supported by favorable structural and cyclical fundamentals. Any meaningful correction should be viewed as an accumulation opportunity. Overall, we believe the prevailing environment continues to support gold as a strategic, long term
portfolio allocation. Additionally, watch out for potential policy frictions between the US
administration and the Federal Reserve, which could pressure the dollar and provide an
incremental near term tailwind to gold prices. Further, progress toward a ceasefire in the Iran conflict could help keep gold prices supported," stated Tata Mutual Fund.

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