Gold and Silver Prices See Dip Amid Market Volatility; Experts Predict Continued Fluctuations
Gold and Silver Prices See Dip Amid Market Volatility; Experts Predict Continued Fluctuations
Gold Silver Price Update: After witnessing a sharp rally in recent weeks, gold and silver prices across India saw a decline on May 21, offering temporary relief to buyers. Despite the correction, precious metal rates continue to remain near record highs, keeping investors and jewellery buyers cautious ahead of fresh purchases.
In Mumbai, the price of 24-carat gold was recorded at around ₹1,58,360 per 10 grams, while 22-carat gold was trading at approximately ₹1,45,160 per 10 grams, excluding GST and making charges. In Delhi, 24-carat gold touched ₹1,58,510 per 10 grams, while 22-carat gold stood at ₹1,45,310.
Other major cities including Pune, Ahmedabad, Jaipur, Hyderabad, Chennai, Bengaluru and Kolkata also reported slight softening in gold rates, with prices hovering close to the ₹1.58 lakh mark for 24-carat gold.
Silver prices also witnessed a notable decline. On the Multi Commodity Exchange (MCX), silver prices slipped by nearly 0.53 percent to around ₹2,72,800 per kilogram. Gold futures on MCX also fell marginally by 0.12 percent and were trading near ₹1,59,815 per 10 grams.
Market analysts attribute the correction in international gold prices to easing geopolitical tensions. Reports suggesting positive progress in discussions between the United States and Iran reduced investor anxiety in global markets. Following statements from US President Donald Trump indicating that negotiations with Iran had reached an advanced stage, demand for gold as a safe-haven asset weakened globally.
Meanwhile, the Indian government has reportedly increased import duty on gold and silver to 15 percent in a move aimed at controlling non-essential imports and reducing pressure on foreign exchange reserves. Rules related to silver imports have also been tightened further.
Experts believe that although short-term corrections are possible, a major crash in gold prices appears unlikely at present due to persistent global inflation concerns, central bank interest rate policies and ongoing geopolitical uncertainties in the Middle East. Analysts expect volatility in bullion markets to continue over the coming months.
Financial planners suggest that jewellery savings schemes and gold SIP-style investments could help consumers gradually accumulate gold without making large one-time purchases during periods of high price volatility.
Disclaimer: Gold and silver prices fluctuate regularly based on international markets, taxes, import duties and local demand. Rates mentioned in this report are indicative and may vary across cities and jewellers. Investors and buyers are advised to verify live market prices before making any purchase or investment decision.
