Gold Price In India Takes U-Turn! 24K Jumps Rs 5,400/100 Gm | Will Gold Rate Rally Continue? May 13 Outlook

Gold Price in India: Prices of 24 karat, 22 karat, and 18 karat gold in India reversed course and witnessed a sharp uptick on Tuesday, while silver prices also moved higher in tandem. The renewed momentum in precious metals came amid weakness in the Indian Rupee, which slipped to a fresh all-time low on Tuesday, May 12, boosting domestic bullion sentiment.

As investors gear up for Wednesday's trading session (May 13), here's a look at the key factors likely to influence the trajectory of gold and silver prices in India.

Gold Rate in India Today

The price of 24 karat gold in India increased by Rs 54 per gram to Rs 15,398 per gram on Tuesday, May 11, as per Goodreturns data. Which means that per 10 gram of 24 karat gold in India increased by Rs 540 per gram to Rs 1,53,980 on Tuesday. The rate of 22 karar gold in India surged by Rs 50 per gram to Rs 14,115 per gram, which means that per 10 gram of 22 karat gold became costlier by Rs 500 to Rs 1,41,150. Likewise, the price of 18 karat gold in India surged by Rs 41 per gram to Rs 11,549 per gram.

Silver Rate in India Today

The price of silver in India saw sharp uptick on Tuesday. Silver rate in India increased to Rs 290 per gram and to Rs 2,90,000 per kilogram. Surge in domestic silver rates also coincided with surge in international price of the precious metal.

International Gold Rate Today

International gold rate on Tuesday slid to $4,700 per ounce on Tuesday, as per Trading Economics data. The decline in international gold rate came after the precious metal surged to its four week high mark. The recent movement in gold prices came as the United States and Iran failed to agree on peace talks. Meanwhile, Indian Rupee hit fresh all-time low mark of Rs 95.73 against per US Dollar.

Gold Price Today Outlook (May 12)

Gold price in India is likely to remain voilatile on Wednesday, however prices may see upward trend if the Indian Rupee remained weak on Wednesday. In the long-term gold prices are likely to remain volatile with factors like crude oil price rally, geopolitical uncertainty expected to impact the precious metal.

"We expect gold prices to consolidate in the near term, amid mixed macro signals-"higher for longer" US rates, a stronger dollar, and elevated bond yields. Short term volatility of around ±5% is likely. Geopolitical developments, particularly around the US-Iran conflict, could keep prices volatile with on off ceasefire headlines. For Indian investors, rupee depreciation should cushion the downside, keeping domestic gold prices in a tighter range versus international markets," as per Tata Mutual Fund report.