Gold Rate In India Today Falls After Rally: 22K, 24K, 18K Prices Down On May 1; Silver Prices Surge

As the month of May begins, gold rate in India today has fallen, bringing joy to gold enthusiasts and buyers. The 22-carat gold rate today fell by approximately Rs. 350 per 10 grams, following a huge jump yesterday.

Gold in the international bullion market rose above $4600 per ounce after a previous decline due to the sharp depreciation of the US dollar, which put downward pressure on global gold rates, including in India. As a result, the yellow metal is now more affordable, especially during the high-demand wedding season.

With gold prices falling in India, many people are likely to buy more gold jewellery and coins. The lower gold prices today could encourage more people to shop for gold, increasing the overall demand in the country.

Gold Rate in India Today

As of today, May 1, the 22-carat gold rate in India declined by Rs. 350 per 10 grams to cost Rs. 1,39,650 per 10 grams. While the 24-carat gold prices today fell by Rs. 380 and are currently retailing at Rs. 1,52,350 per 10 grams. Similarly, the 18-carat gold rate today also declined by Rs 290 per 10 grams to cost Rs 1,14,260.

Similarly, 100 grams of 22-carat gold stands at Rs. 13,96,500 after dropping Rs 3500. While the 24-carat gold price in India per 100 grams is now retailing at Rs 15,23,500, which dropped by Rs 3,800.

MCX Gold and Silver Futures Update

Trading on the Multi-Commodity Exchange (MCX) is closed today in observance of May Day. So at the end of trading yesterday, gold futures prices slated to mature on June 5th, closed at Rs. 1,51,225 per 10 grams after gaining 0.08%. Similarly, silver futures, which are set to expire on May 5th, ended 0.07% higher at Rs. 2,38,790 per kg.

City-Wise Gold Rates Today

Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored this drop in the gold rates today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on May 1st.

In Chennai, the 24-carat gold rate stands at Rs. 1,53,280 per 10 grams, while the 22-carat gold price in Chennai is Rs. 1,40,500 per 10 grams.

In Bangalore, the gold rate for 24-carat is Rs. 1,52,350 per 10 grams, and the 22-carat gold rate in Bangalore is Rs. 1,39,650 per 10 grams.

In Hyderabad, the 24K gold price is Rs. 1,52,350 per 10 grams, and the 22K gold rate in Hyderabad is Rs. 1,39,650 per 10 grams.

In Mumbai, the 22-carat gold rate is Rs. 1,39,650 per 10 grams, while the 24-carat gold price in Mumbai remains at Rs. 1,52,350 per 10 grams.

Silver Rate in India Today

Silver prices in India today also jumped sharply on May 1st as 1 kg of silver in India now costs Rs. 2,55,000, which jumped by Rs. 5,000. While 100 g of silver rates in India cost Rs 25,500 after rising by Rs 500.

Spot Gold Prices & Analysis

According to Trading Economics, "Gold steadied above $4,600 an ounce on Friday after rising nearly 2% in the prior session, supported by a sharp depreciation in the US dollar following reports that Japan intervened in currency markets. A softer greenback typically lends support to gold, which is priced in US dollars. Despite this, bullion remains on track for a second weekly decline amid dimming prospects for a US-Iran peace deal and expectations that the Strait of Hormuz would not reopen anytime soon. Meanwhile, data from the World Gold Council showed that central banks increased their gold reserves in the first quarter.

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