Gold prices declined on MCX today, May 22, with the June futures contract falling 0.21% to ₹1,58,672 per 10 grams at 9:01 am. This represents a significant drop from Thursday's close of ₹1,59,185 per 10 grams, which had closed 0.11% higher. The silver July futures dropped 0.4% to ₹2,73,777 per kg, down from Thursday's close of ₹2,74,919 per kg. The precious metals market remains volatile as traders navigate conflicting signals on US-Iran ceasefire talks and central bank policy expectations.
US gold edged lower on Friday, trading down 0.2% at $4,534.29 per ounce by 0047 GMT, as reported by Reuters. The metal was positioned for its second consecutive weekly loss, with the weekly decline attributed to higher oil prices and rising concerns around inflation and hawkish interest rates. US gold futures for June delivery lost 0.1% to $4,535.60, while spot silver fell 0.5% to $76.32 per ounce. Other precious metals also declined, with platinum losing 0.3% to $1,959.20 and palladium remaining steady at $1,377.89.
Ever since the US-Iran conflict began, gold has fallen nearly 14% since the war began in late February, according to NDTV Profit. The precious metal first fell sharply and then traded in a tight range as investors weigh higher rates against a possible high-inflation, low-growth scenario. The continued uncertainty over US-Iran ceasefire talks continues to keep traders guessing over whether central banks would keep interest rates higher for longer to combat inflation. Bullion was trading around $4,540 an ounce, marginally changed from the previous week.
Silver prices rose by ₹100, with one kilogram of the precious metal trading at ₹2,85,100 across major Indian cities. According to GoodReturns, Delhi, Kolkata, and Mumbai recorded ₹2,85,100 per kilogram, while Chennai showed a slightly higher price of ₹2,90,100 per kilogram. This represents a significant increase from the previous trading levels, indicating strong demand for silver in the domestic market.
24-carat gold prices increased by ₹10 in early trade on Friday, with ten grams of the precious metal trading at ₹1,59,940 according to GoodReturns website. The price of 22-carat gold also rose by ₹10, with ten grams selling at ₹1,46,610. As reported by GoodReturns, the price variations across major Indian cities showed 24-carat gold at ₹1,59,940 in Mumbai, Kolkata, Hyderabad, and ₹1,61,680 in Chennai, while Delhi recorded ₹1,60,240 per ten grams. For 22-carat gold, Mumbai, Kolkata, Bengaluru, Hyderabad, and Chennai maintained the same price of ₹1,46,610, while Delhi traded at ₹1,46,760 per ten grams.
