Gold Rate in India Today: 24K Above Rs 1.5 Lakh; Will Price Jump On May 1? Check Outlook

Gold Rate in India Today: The price of 24 karat, 22 karat, and 18 karat gold in India saw an uptick on Thursday, April 30. However, the precious metal saw an overall decline in its rate in April. Silver rate in India also saw some correction in April. The movement in domestic metal prices came as the international bullion market remained under pressure due to jump in crude oil prices and persistent geopolitical tensions due to the West Asia crisis.

As we head into new month, let's understand whether gold and silver rates in India see a sharp uptick on Friday, May 1 or there could be correction.

Gold Rate in India

The price of 24 karat gold in India increased by Rs 22 per gram to Rs 15,066 per gram on Thursday, April 30. The price of 22 karat gold in India surged by Rs 20 per gram to Rs 13,810 per gram. Likewise, the rate of 18 karat gold in India increased by Rs 16 per gram to Rs 11,299 per gram.

Silver Rate in India

The price of silver in India saw some decline on Thursday. Silver rate in India today declined to Rs 250 per gram on Thursday and to Rs 2,50,000 per kilogram. Silver price in India showcased massive volatility in January and February, where the precious metal jumped to its all time high mark of close to Rs 4 lakh in January and crashed significantly in February.

International Gold Rate Today

The international gold rate on Friday stood close to $4,600 per ounce on Friday as the precious metal surged nearly 2% in the prior session, as per Trading Economics. The surge in the precious metal was driven by US Dollar depreciation and persistent tensions between Iran and US.

Gold Price Outlook

Gold prices are likely to remain volatile on Saturday, May 1. The brent crude futures held above $111 per barrel on Friday and the elevated price of the oil can put pressure on the precious metal. Meanwhile the currency market remained volatile on Thursday, with US Dollar seeing a sharp depreciation. The Indian Rupee also saw a massive decline as it hit to its new all-time low.

"Given the current levels, I do not expect gold prices to rise materially in the near term. The kind of appreciation gold has seen over the past year leaves room for a correction. Geopolitical risks also appear to be cooling, although they remain unpredictable in the current environment. From here, I expect gold prices to stay around the current range, with a possible variation of plus or minus 5% over the next two to three months, without any major movement," Rajeev Sharan, Head of Research, Brickwork Ratings, told Goodreturns.