Gold rates in India remained unchanged on Sunday, May 18. This is the second consecutive day that gold and silver prices are unchanged. Gold witnessed its worst weekly performance of May, with 24-carat gold of 100 grams dropping by Rs 35,500 and 10 grams falling by Rs 3,550 last week. Should you buy gold on dips?
10 grams gold price is Rs 95,130 for 24 carats, while 10 grams gold rates in 22 carats and 18-carat are Rs 87,200 and Rs 71,350. The 1-gram gold prices stood at Rs 9,513 for 24-karat gold, at Rs 8,720 per gram for 22-karat gold and at Rs 7,135 per gram for 18-karat gold (also called 999 gold).
"Gold prices across the globe have declined to their lowest level in a month. Factors that raised bullion rates, including the US-China tariff tensions, the Russia-Ukraine war, and the volatility in the equity markets, all appear to be easing," Aksha Kamboj, Vice President, Indian Bullion and Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures said in a note.
The note added, "This has also impacted bullion prices in the Indian market."
Gold prices in this southern city are Rs 95,130 per 10 grams of 24 carat, at Rs 71,850 in 18 carats, and Rs 87,200 per 10 grams of 22 carats. The cheapest gold price is Rs 7,185 per 1 gram in 18 carat among the three.
In the national capital, gold prices are at Rs 87,350 per 10 grams in 22 carats, at Rs 95,280 per 10 grams in 24 carats, and at Rs 71,470 per 10 grams in 18 carats. The cheapest gold price is at Rs 7,147 per 1 gram in 18K.
In the financial hub of India, gold prices stood at Rs 95,130 per 10 grams in 24 carats, Rs 87,200 in 22 carats and Rs 71,350 per 10 grams in 18 carats. The cheapest gold price is at Rs 7,135 per 1 gram in 18K.
At present, 1kg of silver price is at Rs 97,000, while 100 grams and 10 grams of silver are available at Rs 9,700 and Rs 970 respectively.
MCX Gold, Silver Price:
MCX gold price, with June 2025 expiry, stood at Rs 92,480 per 10 grams on May 16th, down by Rs 689 or 0.74%. While MCX silver with July 2025 expiry, stood at Rs 95,297 per 1kg, down by Rs 618 or 0.6%. Trading at MCX is closed during weekend.
Should You Buy Gold?
According to the expert, the fall in prices is a positive for gold buyers in India and those interested in investing in physical gold for the long term, especially ahead of the upcoming wedding season. Additionally, higher bond yields in the US and the tempering down of rate cut expectations by the US Federal Reserve could put further pressure on global gold prices, which may affect prices on the MCX too."
In the current scenario of geopolitical tensions and currency fluctuations, gold continues to emerge as a reliable asset. He added, While there might be a possibility of short-term price correction, the yellow metal will continue to remain a safe-haven asset. For consumers, gold will continue to offer both financial strength and emotional significance. Therefore, investing in gold remains a powerful way to celebrate prosperity and secure your future."
Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author, GoodReturns.In nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.
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