Gold Rates & Silver Rates Today (23-05-2026) Live Updates: India Gold Falls By Rs 4,300, Silver Price Flat

Gold rates in India dropped by up to Rs 4,300 per 100 grams on May 23, while silver rates in the country were unchanged. This is after spot gold recorded its second consecutive weekly decline due to elevated crude oil prices amidst inflation woes. Crude is currently at 4-year highs and investors are cautious in global and MCX markets over the US-Iran peace negotiations, as both countries have stalled so far.

MCX gold dropped below Rs 1.59 lakh mark on Friday, while silver closed the week below Rs 2.72 lakh per 1Kg level. Meanwhile, spot gold slipped by nearly 1% yesterday to hold around $4,516 per ounce and spot silver took the worst hit with nearly 2% decline to below $76 per ounce.

On the other hand, crude oil prices surged by 1% to 2%. US WTI Crude rose to $97 per barrel and Brent Crude held near $104 per barrel.

Iranian media reported that Iran's foreign minister met Pakistan's interior minister on Friday to discuss proposals to end the war, while US Secretary of State Marco Rubio noted "slight progress" in mediated talks but warned that Washington and Tehran were "not there yet" on a peace deal. The prolonged conflict and inflation pressures led markets to price in a Federal Reserve rate hike before year-end, with about a 55% chance of at least one 25-basis-point increase by October. Supporting this view, Fed Governor Christopher Waller signaled he no longer believed the central bank should maintain an easing bias in its policy statement, as per Trading Economics.

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