Gold and Silver Prices Rise Marginally; 24-Carat Gold Reaches ₹1,57,650
New Delhi, May 30: Gold and silver prices recorded a slight increase in early trade on Saturday, reflecting continued investor interest in precious metals amid global economic uncertainty.
According to market data, the price of 24-carat gold rose by ₹10 per 10 grams, while silver prices increased by ₹100 per kilogram. The modest gains come as international markets react to geopolitical developments and inflation concerns.
Gold Prices Register Small Gains
The domestic gold market witnessed a marginal uptick, with the price of 24-carat gold climbing to ₹1,57,650 per 10 grams. Similarly, 22-carat gold also gained ₹10 and is now trading at ₹1,44,510 per 10 grams. While the increase is small, it reflects the steady demand for gold as a preferred investment option during uncertain economic conditions.
Gold Rates Across Major Cities
Gold prices remained largely uniform across several metropolitan cities. The price of 24-carat gold stood at ₹1,57,650 per 10 grams in Mumbai, Kolkata, and Hyderabad, while Chennai reported a higher rate of ₹1,59,290. In Delhi, 24-carat gold was priced slightly higher at ₹1,57,800 per 10 grams.
For 22-carat gold, rates were recorded at ₹1,44,510 per 10 grams in Mumbai, Kolkata, Bengaluru, and Hyderabad. Chennai continued to have higher prices at ₹1,46,010, while Delhi recorded a rate of ₹1,44,660 per 10 grams. Regional variations in prices are generally influenced by local taxes, transportation costs, and demand patterns.
Silver Prices Move Higher
Silver prices also witnessed a modest increase, with the metal trading at ₹2,80,100 per kilogram in Delhi, Mumbai, and Kolkata. In Chennai, silver prices were significantly higher at ₹2,90,100 per kilogram. The rise in silver prices follows broader movements in global commodity markets and growing industrial demand for the metal.
Global Market Trends Influence Precious Metals
International gold prices strengthened for a second consecutive session after reports suggested that the United States and Iran may extend their ceasefire agreement.
The development eased some geopolitical concerns and provided support to bullion prices. Despite the recent gains, gold remains on track for a monthly decline as investors continue to assess inflation risks and the possibility of prolonged higher interest rates.
Spot gold rose to $4,519.64 per ounce, while US gold futures for August delivery climbed to $4,550 per ounce. The recovery follows a recent decline that pushed gold prices to a two-month low earlier this week.
Performance of Silver, Platinum and Palladium
Other precious metals also recorded gains in global markets. Silver rose to $76.17 per ounce, supported by both investment and industrial demand.
Platinum edged higher to $1,926.18 per ounce, while palladium gained to $1,380.94 per ounce. Although silver is expected to end the month with gains, palladium remains under pressure and is set to record a significant monthly decline.
Gold Demand Remains Weak in India
Despite the increase in prices, physical gold demand in India has remained subdued. Elevated prices and import duties have made purchases expensive for consumers, particularly in the jewellery segment.
In China, another major consumer of gold, premiums have narrowed as buyers adopt a cautious approach amid market volatility and uncertain economic conditions.
Gold and silver prices have posted modest gains in domestic markets, supported by positive global cues and geopolitical developments. However, concerns surrounding inflation, interest rates, and weak physical demand continue to shape the outlook for precious metals.
Investors are expected to closely monitor international economic trends and central bank policies for further direction in the bullion market.
