Gold Price India, May 16: Sharp Jump In Yellow Metal, 24K/100 Grams Gold Rises By Rs 7,700

Gold prices India recorded sharp rally today for 2nd day in a row amid the weaker US Dollar. The latest Consumer Price Index (CPI) report released yesterday highlighted inflation in the US slowed in April that led traders to increase their bets on the US Fed rate cut this year. 22K gold price jumped by Rs 700 to Rs 67,850/10 grams and 100 grams of 22 carat yellow metal surged by Rs 7000 to Rs 6,78,500 in India.

24K precious metal prices rallied by Rs 770 to Rs 74,020/10 grams and 100 grams of 24 carat gold prices soared by Rs 7,700 to Rs 7,40,200. 18k gold prices rallied by Rs 570 to Rs 55,510/10 grams and 100 grams of 18 carat yellow metal prices zoomed by Rs 5,700 to Rs 5,55,100 in the country.

On the soaring gold prices, Anuj Gupta, Head of Commodity & Currency at HDFC Securities said, "Gold and silver prices are ascending today as the US CPI data released yesterday has met the market estimates. It has triggered buzz for the US Fed rate cut. This US Fed rate cut buzz has put the US dollar under pressure, and the US dollar index has slipped below the 105 mark and has been oscillating close to the 104 mark."

Gold traders will focus on US Building Permits, Housing Starts, the weekly Initial Jobless Claims, the Philly Fed Manufacturing Index, and Industrial Production on Thursday. Also, the Fed's Barr, Harker, Mester, and Bostic are scheduled to speak on Thursday. Nonetheless, the hawkish comments from the Fed's officials might boost the US Dollar (USD) and cap the precious metal's upside in the near term, according to fxstreet.com.

Silver prices in India recorded sharp rally today. 1kg silver prices soared by Rs 1500 to Rs 89,100 and 100 grams of silver prices zoomed by Rs 150 to Rs 8,910. In some parts of India, silver prices have already cross the 90k mark. In Chennai and Hyderabad, you need to pay Rs 92,500 to buy 1kg silver today.

22k/10 Grams Gold Price Movement In Last 10-Days In India

Gold price today jumped by Rs 700, soared by Rs 400 on May 15, declined by Rs 400 on April 14, fell by Rs 100 on May 13, slipped by Rs 300 on May 11, surged sharply by Rs 1400 on May 10 (Akshaya Tritiya), dived by Rs 100 on May 9, fell again by Rs 100 on May 8, and surged by Rs 300 on May 7.

1kg Silver price India movement in last 10-days

Silver prices today recorded steep rally of Rs 1500, rallied by Rs 400, surged by Rs 700 on May 14, fell by Rs 500, witnessed decline by Rs 700 on May 11, jumped by Rs 2500 on May 11, soared by Rs 200, remained unchanged on May 8, rallied by Rs 1000 on May 7, and surged by Rs 1000 on May 6.

1 Gram Gold prices In 5 Key Metropolitan Cities Of India On May 16, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,795

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on May 16 is Rs 6,785

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on May 16 is Rs 6,800

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on May 16, 2024 is Rs 6,785

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on May 16 is Rs 6,785

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on May 16 is Rs 6,785