Gold Rate Today In India: 2nd Day Of Heavy Fall Drags 24K Gold Prices Down By Rs.54000; Find Out May 16 Rates

At the end of the third week of May, the gold price today underwent another decline, some relief for buyers after a sharp rally earlier that has been pushing the precious metal to a multi-month high. Just yesterday, 22-carat gold and 24-carat gold rates in India fell sharply by 44,200 per 100g after rising by more than 5% in three days. However, the gold price drop today is a welcome sign for retail buyers who have been struggling with the continuous rise in the gold rate in India.

The sharp increase in gold rate today had made it difficult for households and small investors to purchase gold jewellery or coins. This rise in rates has also led to weakening demand in the retail market. Still, the upcoming wedding season in India could push the demand higher, leading to a possible fresh rise in gold rate in India.

Gold Rate in India Today, May 16

On Saturday, 24-carat gold rates in India slipped by Rs. 980 per 10 grams to cost Rs. 1,56,930. While the 22-carat gold price today stands at Rs. 1,43,850 per 10 grams after a decline of Rs.900. Meanwhile, the 18-carat gold decreased by Rs.730 to retail at Rs. 1,17,700 per 10 grams.

The bulkier quantities also experience a decline; 100 grams of 24-carat gold rate today retails at Rs. 15,69,300, after slipping Rs.9800, and the 22-carat gold rates per 100 grams now cost Rs. 14,38,500 after slipping Rs. 9000.

Silver prices in India today, May 16

Silver rates in India today saw a massive drop of Rs.10000 per kg and currently cost Rs. 2,80,000, and 100 grams of silver cost Rs. 28,000.

MCX Gold and Silver Futures Prices Today

Currently, gold futures prices due to mature on June 5th closed at Rs.1,58,450 per 10 grams, down by 0.06% at the end of Friday's trading session. Silver futures, with an expiration date of July 3rd also dropped slightly by 0.24% before closing at Rs. 271,226 per kg.

Global Gold Price and Silver Price Update

As per Reuters, "Spot gold was down 2% at $4,557.61 per ounce by ​2:06 p.m. EDT (1806 GMT) after hitting its lowest level since May 4 ​earlier in the session.Spot ⁠silver fell 7.7% to $77.07 per ounce."

Where are Gold Prices headed Next?

"Gold faces a modest weekly decline while silver slipped below $82, weighed down by persistent US inflation and renewed rate hike expectations. April data showed wholesale and consumer prices rising at their fastest pace since 2022 and 2023 respectively, driven largely by the Iran conflict and Strait of Hormuz closure disrupting global energy flows. Markets have fully priced out Fed cuts for 2025, with some now betting on a December hike. India tightened gold import norms, raising effective duty to 18.45%. Technically, gold holds $4,500-$4,780 range while silver finds support at $80." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation.

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