CRASH in Gold Rate In India Today, May 5: 24k Falls 18,000/100g In 2 Sessions; Check Latest Gold+Silver Prices

Gold prices in India today took a downturn for the second consecutive day, making gold slightly more affordable for buyers. Meanwhile, international gold prices have climbed as the US dollar strengthened. Investors are now awaiting upcoming economic data from the US for more insight into the Federal Reserve's policy direction. Market participants are taking a wait-and-see approach to better understand the potential movement of both gold and the broader financial markets.

Gold prices in India today

On 5th May, 22-carat, or 916, gold rate in India fell by Rs. 400 per 10 grams, bringing the price to Rs. 1,36,750, while 24-carat, or 999, gold is currently priced at Rs. 1,49,180 after a drop of Rs. 440 per 10 grams. Additionally, 18-carat gold rates also declined by Rs. 330 per 10 grams, now retailing at Rs. 1,11,890.

Similarly, 100 grams of 24-carat gold is priced at Rs.14,91,800 , falling by Rs.4400, and 22-carat gold per 100 grams is priced at Rs. 13,67,500, marking a decline of Rs.4000. Meanwhile, 18-carat gold per 100 grams now costs Rs. 11,18,900, with a decline of Rs.330.

Silver rates in India today

Silver prices in India today are extending losses of Rs.10000 per kilogram, which now costs Rs. 2,55,000, and 100 grams of white metal now cost Rs. 25,500.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures, scheduled to mature on June 5 continued to show positive momentum by gaining 0.08%, or 121points, bringing the current trading value to Rs. 1,49,460. Similarly, silver futures, set to expire on July 3rd are currently trading at Rs. 2,44,301, with a rise of 406 points, or 0.17%.

Outlook on India Gold Price

"Gold and silver faced a challenging week as the hawkish Fed-oil-inflation feedback loop suppressed metals. The US-Iran standoff entered Week 10, with the near-closure of the Strait of Hormuz stoking inflation fears, paradoxically pressuring gold despite geopolitical risk. COMEX gold fell around 15% from its war peak and silver around 18%. PCE rose 3.5% YoY, and the Fed held rates at 3.50-3.75% with four hawkish dissents. A Friday rebound (near 2%) came from BOJ yen intervention weakening the DXY. MCX prices held firm, cushioned by a weaker rupee (Rs. 94.7/USD). Record Q1 central bank buying ($193 billion) and India's ETF inflows (Rs. 31,561 crore) provided structural support. Gold is expected to trade in the range of $4500-$4850 (~ Rs 148,000 -155,000). Silver is expected to trade in the range of $71-$80 (~ Rs 235,000 -255,000)." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation.

Spot Gold & Spot Silver Prices in the International Market Today

As per the latest report from Reuters, "Spot gold rose ​0.3% to $4,533.40 per ounce by 0417 GMT, after a more than 2% ​drop on Monday. U.S. gold futures for June delivery inched 0.2% higher ⁠to $4,542.50. Spot silver was steady at $72.73 per ounce."

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.