India Gold Rate Today Continues Winning Streak: 24K Gold Zooms 6% In 3 Sessions; Check May 14 Prices

The gold rate in India today is rising for the third consecutive session, keeping gold prices, silver prices, and the entire bullion market in focus among investors and buyers.

Gold and silver prices have gained attention after the government yesterday announced a sharp increase in import duty on gold and silver, raising it from 6% to 15%. The decision is to curb imports and support the Indian rupee at a time when the domestic currency continues to face depreciation pressure. The latest increase in gold import duty and silver import duty is expected to impact demand in India. Recently, Prime Minister Narendra Modi urged Indians to reduce unnecessary gold purchases.

Meanwhile, in the international market, spot gold prices today edged higher and traded above $4,706 per ounce, extending gains as investors tracked global economic developments and policy signals. The movement in international gold prices is likely to remain a key factor influencing the gold rate today in India and domestic bullion sentiment.

Gold Rate in India Today, May 14

On Thursday, May 14th, 24-carat gold rates in India jumped by Rs. 330 per 10 grams to cost Rs. 1,62,330. While the 22-carat gold price stands at Rs. 1,48,500 per 10 grams after a rise of Rs. 300. The cheaper variant, 18-carat gold, spiked by Rs. 250 to retail at Rs. 1,21,750 per 10 grams.

The bigger weight variant of gold also saw the same rise as 100 grams of 24-carat gold rates now retail at Rs 16,23,300, and the 22-carat gold rates per 100 grams now cost Rs 14,85,000.

Silver prices in India today

Silver rates in India today experienced a decline after a rise by 30000 per Kg; 1 kg of silver in India now cost Rs. 3,00,000 after falling by Rs. 10000. While 100 g of silver rates in India retail at Rs. 30,000, which slipped by Rs. 1000.

Gold Prices Target and Outlook Ahead

"Gold prices are expected to witness profit booking. One can sell at 102000 with a stop loss of 102300 for the target at 101700-101400. One can also buy from 101300 with a stop loss of 10100," as per Nirmal Bang Securities.

MCX Gold and Silver Prices

Gold futures on the MCX are trading in the red zone on Thursday, May 14th. Gold futures prices on the MCX, which are going to mature on June 5th are trading at Rs. 1,62,782 per 10 grams, up 0.37%. Similarly, silver futures prices set to mature on July 3rd are trading 0.51% lower at Rs. 2,98,700 per Kg at the time of writing.

"Gold prices remained steady amid cautious sentiment ahead of the US-China summit and ongoing Middle East tensions. MCX Gold continues to trade in a range-bound consolidation phase, indicating lack of strong directional momentum in the near term," as per Way to Wealth Report.

"However, the daily momentum remains positively biased, while the 10 and 20 DEMA continue to act as immediate support zones, suggesting underlying buying interest at lower levels. For the day, the outlook remains positive as long as prices sustain above the 152500-152000 support zone, while resistance is placed near 155500. A decisive breakout above resistance may trigger fresh upside momentum, whereas the positive outlook would need a review on sustained weakness below 151500".

City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India

Here's a look at the latest gold prices for 22-carat and 24-carat gold in major Indian cities on May 14

Gold Price in Chennai

The current 24-carat gold rate in Chennai is Rs. 1,64,180 per 10 grams, while the 22-carat gold price in Chennai stands at Rs. 1,50,500 per 10 grams.

Gold Price in Bangalore

The gold market in Bengaluru is witnessing similar trends. As of today, the 22-carat gold rate in Bangalore is Rs. 1,48,500 per 10 grams, whereas the 24-carat gold rate in Bangalore is Rs. 1,62,330 per 10 grams.

Gold Rate in Hyderabad

Gold rates in Hyderabad remain steady, following the national trend. The 22K gold price in Hyderabad is Rs. 1,48,500 per 10 grams, while the 24K gold price in Hyderabad is Rs. 1,62,330 per 10 grams.

Gold Price in Mumbai

The 22-carat gold rate in Mumbai is Rs. 1,48,500 per 10 grams, whereas the 24-carat gold price in Mumbai stands at Rs. 1,62,330 per 10 grams.

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