Gold Rate In India Climbs Sharply in Last 48 Hours: 24K, 22K, 18K Gold & Silver Nears Record level On May 22

Gold prices in India on May 22 made the third upward movement of this week, catching buyers off guard just when they were expecting some relief after a sharp decline. Over the past two days, gold rates in India have jumped by Rs. 26,500 per 100 grams for 24-carat gold.

This sharp rise in gold prices today is mainly because of the rise in domestic demand for gold and silver jewellery, particularly due to the ongoing wedding season in India. The festive and wedding-related purchases are pushing up the prices of the precious metal across major cities like Chennai, Mumbai, Hyderabad, Kolkata, Delhi etc.

If we look at the global data, international gold prices also jumped sharply today. The U.S. dollar and U.S. Treasury yields slipped to a two-week low, enhancing the appeal of gold as a safe-haven asset. As a result, spot gold once again approached the USD 3,300 per ounce mark.

Gold Rate in India Today

As of May 22nd, the pure or 24-carat gold rate in India today surged by Rs. 490 per 10 grams to cost Rs. 97,910 per 10 grams. While the standard gold or the 22-carat gold prices today jumped by Rs. 450 per 10 grams to cost Rs. 89,750 per 10 grams. Similarly, the 18-carat gold rate today also spiked by Rs 370 per 10 grams, and it currently retails for Rs 73,440 per 10 grams.

Similarly, for the higher weight quantity, the 100 grams of 22-carat gold cost Rs 8,97,500, which fell by Rs 4,500. While the 24-carat gold price in India per 100 grams is now retailing at Rs 9,50,200 after slipping by Rs 4,900 per 100 grams.

Silver Rate in India Today, May 22nd

Silver prices in India today also followed the gold path, where 1kg of silver jumped by Rs. 1000 and is currently retailing at Rs 1,01,000 per kilogram. While 100g of silver rates in India cost Rs 10,100.

What will the gold price be in the coming days? Outlook

"Gold rose for a third day on Wednesday on the back of a weaker dollar as traders weigh US fiscal policy and concerns about renewed conflict in the Middle East. Bullion rose above $3,310 an ounce after gaining more than 2.5% over the previous two sessions. Treasuries extended a decline as traders continued to bet that long-term yields will keep climbing amid budget wrangling in Washington. Gold is up 26% this year, supported by diversification from dollar-denominated assets by government and private investors." As per Nirmal Bang Securities.

The report further mentioned, "Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metal prices on Indian bourses to trade range-bound to higher for the day, as gold prices strengthened for a fourth day, as investors pushed back against US President Donald Trump's tax-cut plan and growing fiscal deficit by driving long-range US Treasury yields to near a two-decade high."

MCX Gold and Silver Futures Update

Gold futures at the multi-commodity exchange also jumped today. Gold futures, which are expected to mature on June 5th currently trading at Rs 96,261, which rose by 0.69% per 10 grams. Similarly, silver futures slated to mature on 4th July increased by 0.75%. The market is currently trading at Rs 98,978.

Spot Gold Prices + Spot Silver Price Today

According to the latest Reuters report, "Spot gold was up 0.7% at $3,336.43 an ounce, as of 0446 GMT, after hitting its highest level since May 9. U.S. gold futures rose 0.7% to $3,337.60. Spot silver rose nearly 1% to $33.66 an ounce."

City-Wise Gold Rates Today

Several major metropolitan cities in India, such as Chennai, Mumbai, Bangalore, and Hyderabad, witnessed a significant spike in gold prices today. Here's the latest city-wise update on 22-carat and 24-carat gold rates as of May 22nd.

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