Gold Rate Falls In India: Check 22 Carat Price In Your City On May 22

Gold Rate Today In India: On May 22, the price of 10 grams of gold fell, selling at nearly Rs 74,000. Pure 24-carat gold was valued at Rs 74,510 per 10 grams, with 22-carat gold maintaining its price at about Rs 68,300. In contrast, the silver market witnessed a downward trend, going to Rs 95,800 per kilogram.

Gold rate today in India: Retail gold price on May 22

Check gold rates today in different cities on May 22, 2024; (In Rs/10 grams)

Multi Commodity Exchange

On May 22, 2024, the Multi Commodity Exchange (MCX) saw muted trading in gold futures contracts expiring on June 5, 2024, and was trading down. These contracts were down at Rs 73,802 per 10 grams. Silver futures contracts expiring on July 5, 2024, were also trading lower at Rs 94,552 on the MCX.

Gold Prices Outlook

Gold prices gained traction in the recent past on the back on political uncertainty amid the demise of Iran’s President Ebrahim Raisi.

Prithviraj Kothari, managing director at RiddiSiddhi Bullions, said, “Gold surged to a record high of $2455 (Rs 74,500) on increased safe-haven demand as traders feared some geopolitical instability in the Middle East after Iran’s president was killed in a helicopter crash. A string of Federal Reserve officials warned on Monday that the central bank needed much more convincing that inflation was easing before it could begin trimming interest rates. The central bank is likely to keep rates high for longer.”

All the positive fundamentals are already discounted in the prices and technically, it seems prices have made a double top around $2450 (Rs 74000), so some retracement and profit-booking is expected towards $2380 (Rs 72800), he added.

Retail Cost of Gold

The retail gold price in India, representing the final cost per unit weight for consumers, is influenced by multiple factors beyond the intrinsic value of the metal.

Gold in India holds significant cultural importance, serving as a valuable investment and playing a crucial role in traditional weddings and festivals.

Amid continuous market fluctuations, investors and traders closely watch these dynamics. Stay tuned for more updates on this developing story.