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Gold Falls Over Rs 3,000, Silver Down Rs 19,000: Check 22K and 24K Rates In Your City On May 15
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MCX gold trades at Rs 1,58,850 per 10 grams during the day, which was over Rs 3,100 lower than the previous close of Rs 1,61,978.
Gold and silver prices today, May 15.
Gold and Silver Rates in India Today, May 15: Gold prices declined to a one-week low on Friday, as elevated oil prices stoked inflation fears in the US, boosting interest rate expectations and sending US Treasury yields near one-year highs. In India also, the prices of both gold and silver declined amid a weaker rupee against the US dollar.
On the MCX, gold traded at Rs 1,58,850 per 10 grams during the day, which was over Rs 3,100 lower than the previous close of Rs 1,61,978. MCX silver also crashed, falling by around Rs 19,000 per kg to Rs 2,72,267, compared with the previous close of Rs 2,91,100.
In Mumbai, the price of 24-carat gold stood at Rs 1,60,090 per 10 grams, while 22k gold was available at Rs 1,46,750 per 10 grams. These rates do not include GST and making charges.
What Is The Price Of 22kt, 24kt Gold Today In India Across Key Cities On May 15?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,46,900 | Rs 1,60,290 |
| Jaipur | Rs 1,46,900 | Rs 1,60,290 |
| Ahmedabad | Rs 1,46,800 | Rs 1,60,190 |
| Pune | Rs 1,46,750 | Rs 1,60,090 |
| Mumbai | Rs 1,46,750 | Rs 1,60,090 |
| Hyderabad | Rs 1,46,750 | Rs 1,60,090 |
| Chennai | Rs 1,46,750 | Rs 1,60,090 |
| Bengaluru | Rs 1,46,750 | Rs 1,60,090 |
| Kolkata | Rs 1,46,750 | Rs 1,60,090 |
In the international market, spot gold extended losses for a fourth consecutive session, and was down 1.5% at $4,579.19 per ounce by 0631 GMT, its lowest point since May 6. Bullion has lost nearly 3% so far this week. US gold futures for June delivery lost 2.2% to $4,582.60.
Benchmark 10-year U.S. Treasury yields rose to a near one-year high, increasing the opportunity cost of holding gold.
“Gold is getting hit from all sides – rising oil has brought inflation back to the forefront, pushing yields higher and the dollar stronger, leaving the yellow metal as the unfortunate victim of the market’s renewed rate-cut scepticism,” said Tim Waterer, chief market analyst at KCM Trade, according to Reuters.
The dollar has gained more than 1% so far this week, making greenback-priced bullion expensive for holders of other currencies. Brent crude oil prices were up 6.2% this week, hovering above $106 a barrel, as the Iran war drags on, keeping the key Strait of Hormuz largely shut.
Gold prices have dropped more than 13% since the US-Iran conflict erupted on February 28. A series of inflation reports this week showed the risk that rising energy costs could metastasize to other goods and services, dimming hopes for near-term US rate cuts.
Traders have largely priced out US interest rate cuts this year, with markets anticipating a 39% chance of a hike by December, according to CME Group’s FedWatch tool.
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
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