Gold rates in India remained unchanged on May 24, with 22-carat gold steady at ₹1,45,800 per 10 grams and 24-carat gold at ₹1,59,060 per 10 grams. According to reports from Goodreturns, the precious metal observed no major momentum as the recent decline took a breather. Both pure and standard gold are currently near the higher side in the bullion market, with 18-carat gold rates stable at ₹1,19,290 per 10 grams. The 100 grams of 24-carat gold costs ₹15,90,600, while 22-carat gold today costs ₹14,58,000. Recent data from BusinessToday.in shows that 24-carat gold in Delhi specifically is priced at ₹1,59,210 per 10 grams, down from ₹1,59,630 the previous day, representing a decrease of ₹420 per 10 grams.
In the international gold market, spot gold is trading at $4,473.66 per ounce at the time of writing, down 0.17%, as reported by CNBC. The precious metal has declined significantly from its highs this year, with gold and silver prices dipping to their lowest levels in 1.5 months as soaring Treasury yields and a firm dollar have overshadowed optimism about a potential U.S.-Iran peace deal. According to goldprice.org, spot gold is currently at $4,509.64, up by 0.69%, while spot silver is priced at $75.51, up by 1.10%. Gold prices in India had previously hit record highs, which has made buyers more cautious and postponing big jewellery purchases despite the traditional strong demand during wedding season.
While precious metals face pressure, Citi analyst Wenyu Yao is positioning aluminum as the next major investment opportunity. According to a CNBC report, Citi is touting aluminum as the next metal to buy, noting that the metal is witnessing the 'most bullish set-up' in more than 50 years. Yao expects aluminum prices to average around $4,000 per metric tonne in the second half of 2026, nearly 12% higher than current levels. The analyst cited that supply shocks from the conflict and uncertainty in the Middle East are likely to send aluminum inventories to all-time lows, bolstering higher prices for the metal. China, which accounts for nearly 60% of the world's primary aluminum supply, is rapidly ramping up output even as it contends with capacity constraints.
As reported by Nirmag Securities, precious metals prices on Indian bourses are expected to trade range-bound to higher. The precious metal has climbed 30% this year, though the bulk of those gains occurred in the first four months as geopolitical and trade tensions rattled the market. According to Goodreturns, gold prices are on track for its biggest weekly climb in a month, as a slew of US tariffs came into effect and as President Donald Trump named a temporary Federal Reserve governor expected to echo his calls for lower interest rates. Bullion typically benefits in a lower-rate environment.
At the end of trading on Friday, 22nd May, gold & silver futures on the Multi-Commodity Exchange settled higher. Gold futures prices on the MCX, maturing on June 5th, closed at ₹1,58,588 per 10 grams, up 0.06%. Similarly, silver futures expiring on July 3rd settled at ₹2,71,600, which rose by 0.09%, as reported by Goodreturns.
