Gold Rate Today, May 30: Yellow Metal Turns Cheaper, 24K Gold Down Rs. 6,000 Per 100g; Time to Buy?

After a sharp rise seen in the previous session, gold prices in India took a turn on Saturday with 24-carat gold becoming cheaper by nearly Rs. 6,000 per 100 grams.

Gold prices have remained under pressure throughout the week, with the yellow metal falling by more than Rs. 3,500 per 10 grams over the last five trading sessions. The correction in gold rate today is expected to provide major relief to jewellery buyers and investors who had been holding back purchases due to high prices.

In the international market, spot gold rebounded after hitting a two-month low earlier in the session. Gold prices rose more than 1% as the US dollar weakened and crude oil prices declined after the news that the US and Iran had reached a preliminary agreement to extend a ceasefire.

Gold Rate in India Today

On Saturday, 24-carat gold rates in India slipped by Rs. 600 per 10 grams to cost Rs. 1,57,040 While the 22-carat gold price stands at Rs.1,43,950 per 10 grams after a massive decline of Rs. 550. The cheaper variant, 18-carat gold, dropped by Rs. 450 to retail at Rs. 1,17,780 per 10 grams.

The bigger weight variant of gold also saw the same drop 100 grams of 24-carat gold rates now retail at Rs 15,70,400 and the 22-carat gold rates per 100 grams now cost Rs 14,39,500.

Silver prices in India today

Silver rates in India today experienced no movements aftre a rise of Rs. 5000 seen yesterday. On 30th May, 1 kg of silver in India cost Rs. 2,85,000 per kg. While 100g of silver rates in India retails at Rs. 28,500.

MCX Gold and Silver Prices

Gold futures prices on the Multi Commodity Exchange closed in the red on Friday. At the end of trade, gold futures maturing on June 5th were trading at Rs. 1,56,000, declining by 0.59%. Similarly, silver futures prices set to mature on July 3rd, ended at Rs. 2,67,000 with a rise of 0.94%.

Spot Gold Price and Spot Silver Rate

According to the Spot Gold.org website "spot gold prices ended trading week with gains. At the end of the session gold prices were 0.84% up at $4539.76 per ounce. Spot silver, on the other hand, slipped by 0.50% to settle at $75.29 per ounce.

"Gold traded higher, gaining nearly 1% as reports of a preliminary US-Iran agreement to extend the ceasefire and advance negotiations on Tehran's nuclear program improved market sentiment. Expectations that a broader resolution could eventually ease disruptions in West Asia and reduce inflationary pressures provided support to bullion after a subdued start to the session. However, the agreement remains subject to final approval, while uncertainty persists over the full reopening of the Strait of Hormuz. Despite the latest rebound, gold remains on track for a third consecutive monthly decline, reflecting concerns that elevated energy prices have already fueled an inflation shock across the global economy. Recent US data showed inflation accelerating at its fastest pace in three years, reinforcing expectations that the Federal Reserve may keep interest rates elevated for longer." as per Kotak Commodity report

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