Gold Prices India: Yellow Metal Drops By Rs 650 To Rs 74,510; Big Fall In Silver Price; Buy?

Gold prices India today witnessed decline as the metal traded under pressure. Silver prices too declined sharply on May 21 in the country after witnessing sharp rally of Rs 10, 000 in last 6-days. Meanwhile, yellow metal prices scaled new peaks on May 20 amid renewed Middle East crisis. Also, the latest US inflation and retail sales data sparked bets that US Fed Reserve may go for two rate cuts in 2024.

22 carat gold prices today fell by Rs 600 to Rs 68,300/10 grams and 100 grams of 22K yellow metal prices fell by Rs 6000 to Rs 6,83,000 on Tuesday. 24K gold prices today fell by Rs 650 to Rs 74,510 and 100 grams of 24 carat precious metal prices declined by Rs 6500 to Rs 7,45,100.

18K gold prices got cheaper by Rs 490 to Rs 55,880 and 100 grams of 18 carat yellow metal prices today quoted at Rs 5,58,800 in the country.

Silver prices today recorded sharp decline. 1kg silver prices India got cheaper by Rs 1900 to Rs 94,600 and 100 grams of silver prices fell by Rs 190 to Rs 9,460.

Praveen Singh, Associate VP- Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said, "Gold is expected to be highly volatile, but is likely to trade with a positive bias in the near term as markets sense that the US Federal Reserve is willing to be excessively hawkish. In this scenario, inflation hedging trade is positive for the yellow metal."

22k/10 Grams Gold Price Movement In Last 10-Days In India

Gold price today fell by Rs 600, jumped by Rs 500 on May 20, surged by Rs 800 on May 18, declined by Rs 250 on May 17, witnessed sharp jump by Rs 700 by Rs May 16, soared by Rs 400 on May 15, declined by Rs 400 on April 14, and fell by Rs 100 on May 13, and remained stable on May 12.

1kg Silver price India movement in last 10-days

Silver prices today fell by Rs 1900, jumped by Rs 3500 on May 20, stayed unchanged on May 19, surged by Rs 3900 on May 18, remained unchanged on May 17, registered strong jump by Rs 1500 on May 16, rallied by Rs 400 on May 15, surged by Rs 700 on May 14, fell by Rs 500 on May 13, and remained stable on May 12.

On whether investors should buy gold and silver now or not, Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies suggested buying gold June futures on dips at Rs 73,700,maintaining stop loss at Rs 73,200 with the target price of Rs 74,400. For silver July futures, the analyst suggested buying on the dips at Rs 93,700, maintaining stop loss at Rs 92,700 with target of Rs 95,700.

1 Gram Gold prices In 5 Key Metropolitan Cities Of India On May 21, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,860

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on May 20 is Rs 6,830

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on May 20 is Rs 6,845

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on May 20, 2024 is Rs 6,830

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on May 20 is Rs 6,830

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on May 20 is Rs 6,830