Gold Price Outlook: 24K Nears Rs 1.6 Lakh; US-Iran Deal Deadlock To Fuel Gold Rate In India Today, June 1?

Gold Price Outlook: Gold investors saw a roller coaster ride in May, where the rupee's back-to-back decline, stronger dollar, and crude oil price volatility shaped the gold rate in India. Silver prices in India regained momentum in May, bouncing back from February's fabulous fall after January's jumbo jump. As we investors prepare for Monday, June 1, trading session, let's understand key factors that will shape the momentum around gold rate in India today.

Gold Rate in India

The price of 24 karat gold in India stood at Rs 15,704 per gram on Sunday, May 31. The rate of 22 karat gold in India stood at Rs 14,395 per gram on March 31. Likewise, the rate of 18 karat gold in India stood at Rs 11,778 per gram. Gold price in India has seen decent uptick in the past one month. As per Goodreturns data, 24 karat gold rate in India was priced at Rs 1,50,9300 per 100 gram on May 2. The rate of 24 karat gold in India surged to Rs 15,70,400 per 100 gram on May 31.

Silver Rate in India

The price of silver in India stood at Rs 280 per gram on Sunday, May 31, while the rate of the white metal climbed to Rs 2,80,000 per kilogram. Silver prices witnessed significant volatility during January and February; however, the metal has largely traded within a range in the months that followed.

International Gold Rate

The price of international gold rate on Friday surged for the second straight session and closed at $ 4,580 per ounce, as per Trading Economics data. While domestic gold rates saw monthly gain in June, international gold price saw a 0.8% monthly decline as inflation concerns, expectations of prolonged higher interest rates impacted investors' sentiment around gold. However, in India, weak Rupee and surge in gold import duty fuelled gold prices.

Gold Rate in India Today Outlook

Gold rate in India today is likely to remain volatile with chances of some correction as the Indian Rupee staged a sharp recovery on Friday. Extended Iran-US talks and uncertainty over peace deal can further drag international gold prices and may also impact domestic rates as well.

"The market sentiment is tempered by UBS's recent downgrade of its 2026 gold price forecast to $5,500 per ounce, driven by concerns over high Treasury yields and a strong U.S. dollar, which are pushing some investors to reconsider their positions. Meanwhile, crude oil prices fell to $87.78 per barrel, down 1.26%, as traders reacted to fluctuations in demand projections amid ongoing economic uncertainties," explained Gaurav Garg, research analyst at Lemonn markets desk.