Gold Rate in India Rallies Rs 61,100 In May! 24K, 22K, 18K To See Massive Jump in June? Weekly Outlook

Gold Rate in India: The price of 24 karat, 22 karat and 18 karat gold in India saw a huge rebound in May, where 24 karat gold price surged by Rs 61,000 per 100 gram in the duration. The gold price rally in May coincided with Rupee's weakness, Dollar strengthening, and geopolitical uncertainty due to West Asia crisis. Silver rate in India also followed the trajectory and surged in May.

As we enter June and start a new week, let's decode key factors and developments that will impact gold price movement in the coming days.

Gold Rate in India

The price of 24 karat gold in India stood at Rs 15,704 per gram on Sunday, May 31. The rate of 22 karat gold in India stood at Rs 14,395 per gram on March 31. Likewise, the rate of 18 karat gold in India stood at Rs 11,778 per gram. Gold price in India has seen decent uptick in the past one month. As per Goodreturns data, 24 karat gold rate in India was priced at Rs 1,50,9300 per 100 gram on May 2. The rate of 24 karat gold in India surged to Rs 15,70,400 per 100 gram on May 31.

Silver Rate in India

The price of silver in India stood at Rs 280 per gram on Sunday, May 31, while the rate of the white metal climbed to Rs 2,80,000 per kilogram. Silver prices witnessed significant volatility during January and February; however, the metal has largely traded within a range in the months that followed.

Gold Price Outlook

The rate of 24 karat, 22 karat, 18 karat gold in India is likely to see massive volatility in June. Development around West Asia crisis and Iran-US peace talks, US Federal Reserve meeting, crude oil price trajectory, inflation concerns and Indian Rupee movement will likely impact gold price movement in June.

"The biggest trigger for gold is still a Fed pivot. Inflation fears linked to the Iran conflict have delayed rate cuts, but once the Fed begins easing, gold's outlook improves significantly. Historically, the metal has risen about 6% in the first two months of a rate-cutting cycle.A weaker dollar follows automatically. The dollar is strong because the Fed is hawkish. Fix one, and you largely fix the other," Tushar Badjate, Director at Badjate Stocks & Shares Pvt. Ltd. told Goodreturns in an interview.