Huge Drop In Gold Rate in India! Silver Falls Too; Iran-US Peace Talks To Fuel New Rally Today? May 29 Outlook

Gold Rate In India Outlook: The price of 24 karat, 22 karat, and 18 karat gold in India saw a massive crash on Thursday, May 29 on Eid-ul-Adha. Silver rate in India also saw massive drop on the day as West Asia crisis kept the investors on edge. However, progress in the Iran-US peace talks and possibility of ceasefire extension may reverse gold's trajectory.

As investors prepare for Friday's trading session, let's understand key factors that may impact gold rate in India today, May 29.

Gold Rate in India

The price of 24 karat gold in India saw a sharp decline on Thursday, May 28. The rate of 24 karat gold in India declined by Rs 223 per gram to Rs 15,606 per gram, as per Goodreturns data at 10 pm on Thursday, May 28. The rate of 22 karat gold in India fell by Rs 205 per gram to Rs 14,305 per gram. Likewise, the rate of 18 karat gold in India declined by Rs 168 per gram to Rs 11,704 per gram.

Silver Rate in India

The price of silver in India also saw sharp decline on Thursday. Silver rate in India fell by Rs 10 per gram to Rs 275 per gram on Thursday. Which means that per kilogram of silver in India became cheaper by Rs 10,000 to Rs 2,75,000.

International Gold Rate

International gold rate on Thursday, saw marginal jump bringing the precious metal close to $4,470 per ounce, as per Trading Economics data. The recent uptick in international gold rates came as the market weighed the latest progress in Iran-US peace talks amid inflation concerns.

Gold Rate in India Today, May 29, Outlook

Gold rate in India today is likely to remain volatile throughout the session as investors will closely analyse developments around the Iran-US negotiations, crude oil price rally, and Rupee's trajectory. The domestic gold rate today can see some upward bias following the recent uptick in international gold rates on Thursday.

The US and Iran have reached an initial memorandum of understanding (MoU) to extend the ceasefire between the two countries for 60 days and start negotiations to permanently end the war. The development can also have an impact investors sentiment for gold.

In the long-term, gold rate in India is likely to surge in the range-bound manner. "Gold's price movement has been notably contained when compared to the level of geopolitical stress and global inflation uncertainty. During previous major risk-off cycles, gold often experienced fast panic-driven rallies; this time, however, the action has been more planned and intermittent than explosive," explained Ruchit Thakur, Market Analyst, VT Markets.