Gold prices gained marginally on Tuesday, May 19, as MCX gold June futures rose 0.1% to ₹1,59,899 per 10 grams amid hopes of easing tensions between the US and Iran. According to The Economic Times, this represents a recovery from Monday's flat close at ₹1,58,884 per 10 grams. Globally, gold continued to gain as the prospect of a US-Iran ceasefire deal eased some inflationary concerns that have weighed on bullion, with the precious metal rising as much as 0.4% to trade around $4,565.40 an ounce, after ending the previous session up 0.6%. The latest trading reflects a weaker US dollar and falling crude oil prices that supported precious metals, with crude oil prices retreating from the $110 mark after US President Donald Trump said he had postponed a planned military strike on Iran following requests from key Middle Eastern leaders. This development eased fears of an immediate escalation that could further disrupt global crude supplies and stoke inflation concerns.
Silver prices moved in the opposite direction, with MCX silver July futures falling 1% to ₹2,75,500 per kg on Tuesday, despite the overall positive sentiment from easing geopolitical tensions. According to The Economic Times, this follows Monday's flat close at ₹2,76,600 per kg. The divergence in precious metals performance highlights the different demand dynamics for gold and silver, with silver remaining sensitive to recent changes in India's bullion import policy. Silver prices remain sensitive to recent changes in India's bullion import policy, with the government imposing a 15% import duty on silver, revising import classifications and updating MCX Good Delivery rules for domestic refiners.
The latest price data reveals comprehensive rates across leading jewelry chains. At IBJA, 24 carat gold rates are at ₹15,704 per 1 gram and 10 grams at ₹1,57,040, while 22 carat gold stands at ₹14,385 per 1 gram and 10 grams at ₹1,43,850. Malabar Gold maintains 24 carat rates at ₹15,655 per 1 gram and 22 carat at ₹14,350 per 1 gram. Kalyan Jewellers quotes 24 carat gold at ₹15,698 per 1 gram and 22 carat at ₹14,385 per 1 gram. Joyalukkas prices 24 carat gold at ₹15,643 per 1 gram and 22 carat at ₹14,340 per 1 gram across multiple states including Andhra Pradesh, Delhi, Gujarat, Karnataka, Kerala, Maharashtra, Odisha, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal. Bhima offers 24 carat gold at ₹15,650 per 1 gram and 22 carat at ₹14,199 per 1 gram, while Jos Alukkas quotes 24 carat gold at ₹15,698 per 1 gram and 22 carat at ₹14,385 per 1 gram.
Market experts are providing specific trading guidance for precious metals amid current volatility. Gold has support in the $4,515-$4,470 range and resistance between $4,600 and $4,640 per troy ounce, while silver has support at $75.50-$72.00 and resistance at $80.00-$82.80 per troy ounce in today's session. On MCX, gold has support at ₹1,58,200-₹1,57,400 and resistance at ₹1,60,300-₹1,61,100, while silver has support at ₹2,71,400-₹2,66,600 and resistance at ₹2,80,500-₹2,86,000. Experts suggest buying silver on dips in the ₹2,71,000-₹2,67,000 range with a stop loss below ₹2,63,000 and targets of ₹2,81,000-₹2,85,000. In the domestic market, gold prices in Delhi stand at ₹1,14,672 per 8 grams for 22 carat and ₹1,25,088 per 8 grams for 24 carat, while Mumbai prices are ₹1,14,552 per 8 grams for 22 carat and ₹1,24,896 per 8 grams for 24 carat.
