Gold Rates Today, May 15: Big Crash Seen In 24K, 22K, 18K Gold Prices In Delhi & Mumbai; How Much You Pay?

Gold rates in India crashed for the second consecutive day on May 15. In major metro cities like Delhi and Mumbai, 100 grams gold of 24 carats plunged by Rs 21,300, while 10 grams price is down by Rs 2,130. MCX gold has crossed its five-week low performance, as investors booked profits. A host of factors are dulling demand for safe haven assets.

Firstly, the India-Pakistan ceasefire agreement put trend in gold prices volatile as geopolitical tensions eased. Then US-China's temporary trade deal increased demand for dollar and treasury yields. Now, Iran and US are reported to strike a nuclear negotiation, which has soured the mood for gold and silver.

Precious metals thrive during uncertainties! Rahul Kalantri, VP Commodities, Mehta Equities said, "The drop is attributed to profit-taking and liquidation by weaker hands. Meanwhile, a shift toward riskier assets in the broader market continues to pressure safe-haven demand. Today, gap down opening is expected amid Iran's Supreme Leader saying he will sign a nuclear deal with US if all economic sanctions are lifted."

Silver prices accordingly have dropped too.

Gold Prices In India:

Nonetheless, gold prices are cheaper in May. Overall, from May 1st to May 15th, gold prices in India have dropped by 2% in both 24 carat and 22-carat. The lowest rate of gold hit on May 15 at Rs 93,930 per 10 grams in 24 carats and at Rs 86,100 in 22 carats.

Let's compare gold prices in Mumbai and Delhi, which is offering cheaper yellow metal on May 15:

Gold Prices In Mumbai:

24-carat gold price is at Rs 9,39,300 in 100 grams, after falling by Rs 21,300 on May 15, while 10 grams gold price is at Rs 93,930 down by Rs 2,130. 8 grams of gold price plunged by Rs 1,704 to Rs 75,144, and 1 gram of gold slipped by Rs 213 to Rs 9,393.

22-carat gold price dropped by Rs 19,500 in 100 grams to Rs 8,61,000 and declined by Rs 1,950 to Rs 86,100. 8-gram and 1-gram gold prices are down by Rs 1,560 and Rs 195 to Rs 68,880 and Rs 8,610 respectively.

Furthermore, the 18-carat gold price is at Rs 7,04,500 in 100 grams, after plunging by Rs 15,900. 10 grams gold price contracted by Rs 1,590 to Rs 70,450, 8 grams gold dipped by Rs 1,272 to Rs 56,360, and lastly 1 gram gold edged lower by Rs 159 to Rs 7,045.

Gold Prices In Delhi:

While the decline in 24-carat and 22-carat gold prices was similar in Delhi, the 18-carat gold prices dropped much steeper compared to prices in Mumbai.

18-carat gold prices plunged by Rs 16,000 to Rs 7,05,700 in 100 grams and tumbled by Rs 1,600 to Rs 70,570 in 10 grams. While 8-gram and 1-gram gold prices dropped by Rs 1,280 and Rs 160 to Rs 56,456 and Rs 7,057.

Meanwhile, 22-carat gold price at Rs 8,62,500 for 100 grams, after plummeting by Rs 19,500. 10 grams gold price dived by Rs 1,950 to Rs 86,250, 8 grams gold price shed Rs 1,560 to Rs 69,000, and lastly, 1 gram gold price dipped by Rs 195 to Rs 8,625.

Moreover, the gold prices in 24 carat declined by Rs 21,300 in 100 grams to Rs 9,40,800, down by Rs 2,130 in 10 grams to Rs 94,080, lower by Rs 1,704 in 8 grams to Rs 75,264, and below Rs 213 to Rs 9,408 in 1 gram.

Despite a sharp decline, gold prices in Delhi are still more expensive than compared to Mumbai.

Silver Prices In Mumbai Vs Silver Prices In Delhi:

The rates of silver are similar in both the cities. 1kg silver dropped by Rs 900 to Rs 97,000, while 100 grams and 10 grams silver inched lower by Rs 90 and Rs 9 to Rs 9,700 and Rs 970. 8 grams silver is down by Rs 7.20 to Rs 776, and cheapest silver is at Rs 97 in Mumbai and Delhi.