Gold, Silver Prices Fall Today: Check 22K and 24K Rates In Your City On May 16
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Gold and Silver Rates in India Today, May 16: In Mumbai, the price of 24-carat gold stands at Rs 1,57,900 per 10 grams, while 22k gold is available at Rs 1,44,740 per 10 grams.
Gold Prices Today, May 16.
Gold and Silver Rates in India Today, May 16: Gold prices declined on Saturday, 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, the prices of both gold and silver declined amid a weaker rupee against the US dollar.
In Mumbai, the price of 24-carat gold stood at Rs 1,57,900 per 10 grams, while 22k gold was available at Rs 1,44,740 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 16?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,44,890 | Rs 1,58,050 |
| Jaipur | Rs 1,44,890 | Rs 1,58,050 |
| Ahmedabad | Rs 1,44,790 | Rs 1,57,950 |
| Pune | Rs 1,44,740 | Rs 1,57,900 |
| Mumbai | Rs 1,44,740 | Rs 1,57,900 |
| Hyderabad | Rs 1,44,740 | Rs 1,57,900 |
| Chennai | Rs 1,44,740 | Rs 1,57,900 |
| Bengaluru | Rs 1,44,740 | Rs 1,57,900 |
| Kolkata | Rs 1,44,740 | Rs 1,57,900 |
Benchmark 10-year U.S. Treasury yields rose to a near one-year high, increasing the opportunity cost of holding gold.
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.
India’s gold imports surged 81.69 per cent year-on-year to $5.62 billion in April, driven by high prices of the precious metal, though imports may decline in the coming months following the government’s sharp increase in customs duty on the yellow metal.
According to the commerce ministry data, silver imports jumped 157.16 per cent to $411 million during the month under review.
Meanwhile, PM Modi earlier this week appealed to people to avoid buying gold for a year, in order to save forex reserves.
Following this, the government on Wednesday hiked import duty on gold and silver to 15 per cent to curb non-essential imports amid the West Asia crisis which has put pressure on forex reserves.
Effective May 13, import duty on gold and silver has been increased from 6 per cent to 15 per cent and that on platinum has been raised from 6.4 per cent to 15.4 per cent. Consequential changes have also been made to other items such as gold/silver dore, coins, findings, etc.
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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