Gold Prices in India Rally for 2nd Day;22K, 24K Gold Rate Rise on May 12; Silver Jump 13% in 6 Days

Gold prices in India rallied for the second consecutive day today. Over the last few days, gold has been trading with lots of ups and downs and gold prices across major cities jumped today, disappointing retail buyers.

Meanwhile, international gold prices fell this morning as escalating tensions in the Middle East and the extended shutdown of the Strait of Hormuz drove oil prices higher and kept inflation concerns elevated. The US dollar index also rose, putting pressure on precious metals. Spot gold is currently trading near $4700 per ounce.

Gold Rate in India Today

On May 12, the 24-carat gold rate in India surged by Rs. 540 per 10 grams to cost Rs. 1,53,980 per 10 grams. While the 22-carat gold prices today climbed by Rs. 500 and cost Rs. 1,41,150 per 10 grams. Similarly, the 18-carat gold rate today also spiked by Rs 410 per 10 grams to cost Rs 1,15,490.

Just like that, the 100 grams of 22-carat gold stands at Rs 15,39,800 after rising by Rs. 5000. While the 24-carat gold price in India per 100 grams is now retailing at Rs. 14,11,500 which jumped by Rs 5400.

Silver Rate in India Today

Silver prices in India today jumped sharply, rising by about 13% in the last six days. Currently, 1 kg of silver in India costs Rs. 2,90,000, which spiked by Rs 15000. While 100 g of silver rates in India cost Rs 29,000 after jumping Rs 1500.

Market Outlook for Gold Prices

According to a report from Nirmal Bang Securities, "Gold prices are expected to pullback. One can buy at 153200 with a stop loss of 152200. Prices can test 154500- 155200."

The report further stated that, "Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day; as gold and silver prices fell as President Donald Trump rejected Iran's latest peace offer to end the 10-week conflict choking the Strait of Hormuz, fanning inflation fears as weekend clashes in the Middle East threatened a fragile ceasefire."

MCX Gold and Silver Futures Update

Gold futures prices at the Multi Commodity Exchange rose on Tuesday. Gold futures, which are expected to mature on June 5th, jumped by 0.02% and are currently trading at Rs. 1,53,700 per 10 grams. Similarly, silver futures slated to mature on July 3rd jumped by 0.88% to trade at Rs. 2,80,769 per Kg.

Spot Gold Prices + Spot Silver Price Today

Reuters, in its latest commodity report, mentioned, "Spot gold fell 0.1% at $4,728.79 per ounce by 0418 GMT, after climbing to a three-week high earlier ​in the session Spot silver rose 0.4% at $86.39 per ounce."

City-Wise Gold Rates Today

Major cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, also saw a spike in the gold rates today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on May 12

Gold Rate In Chennai

The 24-carat gold rate in Chennai stood at Rs. 1,56,330 per 10 grams, while the 22-carat gold price in Chennai is Rs. 1,43,300 per 10 grams.

Gold Rate in Bangalore

The gold rate in Bangalore for 24-carat is Rs. 1,53,980 per 10 grams, and the 22-carat gold rate in Bangalore is currently at Rs. 1,41,150 per 10 grams.

Gold Rate In Hyderabad

In Hyderabad, the 24K gold price is Rs. 1,53,980 per 10 grams, and the 22K gold rate in Hyderabad is Rs. 1,41,150 per 10 grams.

Gold Rate In Mumbai

The 22-carat gold price in Mumbai is Rs. 1,41,150per 10 grams, while the 24-carat gold price in Mumbai remains at Rs. 1,53,980 per 10 grams.

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