Gold Rate in India Crashes Rs. 20,000/100g in Last 24 Hours; 24K, 22K,18K Gold Prices Fall Below Record High

At the beginning of this month, gold prices in India today underwent a sharp decline, bringing joy to gold enthusiasts and buyers alike. The 22-carat gold rate today fell by approximately Rs. 2,000 per 10 grams, marking the second major drop this week, following the post-Akshaya Tritiya correction in prices.

The easing of tensions in the ongoing US-China trade war has strengthened the US dollar, which recently rebounded from multi-year lows. This dollar recovery is putting downward pressure on global gold rates, including in India. As a result, the yellow metal is now more affordable, especially during the high-demand wedding season.

With gold prices dropping in India, many consumers are expected to take advantage of the lower rates and make fresh purchases of gold jewellery and coins. The cheaper gold prices today may boost overall gold demand in India.

Gold Rate in India Today

As of today, 1st May, the 22-carat gold rate in India declined by Rs. 2000 per 10 grams to cost Rs. 87,750 per 10 grams. While the 24-carat gold prices today fell by Rs. 2018 and are currently retailing at Rs. 95,730 per 10 grams. Similarly, the 18-carat gold rate today also declined by Rs 1640 per 10 grams to cost Rs 71,800.

In a similar manner, the 100 grams of 22-carat gold stand at Rs 8,77,500 after dropping Rs 20,000. While the 24-carat gold price in India per 100 grams is now retailing at Rs 9,57,300, which dropped by Rs 21,800.

MCX Gold and Silver Futures Prices today

On the Multi Commodity Exchange (MCX), gold futures slated to mature on June 5, 2025, also witnessed a massive drop and are currently trading at Rs. 94,611 after slipping 0.10%. Similarly, silver futures, which are set to expire on May 5, 2025, declined today by 2.38 % to trade at Rs 94,561 at the time of writing.

City-Wise Gold Rates Today

Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored this humongous drop in the gold rates today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on 1st Of May.

Silver Rate in India Today

Silver prices in India today also fell sharply on Akshaya Tritiya; 1kg of silver in India costs Rs. 1,00,000, which dropped by Rs. 500. While 100g of silver rates in India cost Rs 10,000 after falling Rs 50.

Market Outlook for Gold Prices

"Gold declined on expectations. President Donald Trump will ease the impact of his auto tariffs, weighing on haven demand amid hopes of a further dialling down of trade tensions. Bullion fell as much as 1.3% to $3,299.76 an ounce, following a 0.7% gain in the previous session, after a gauge of the dollar strengthened, making bullion more expensive for most buyers as it's priced in the greenback. Traders continue to weigh the outlook for the global economy amid heightened uncertainty over the impact of the fast-developing US-led trade war, which has stoked haven demand for gold and led to its record-breaking run in recent months. The consequences of Trump's tariff agenda should become even clearer this week, with a raft of data due on American jobs, inflation and economic growth".

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metal prices on Indian bourses to trade range-bound to slightly lower for the day." As per Nirmal Bang Securities.

Spot Gold Prices + Spot Silver Price Today

According to a latest report by Reuters, "Spot gold fell 1.8% to USD 3,228.70 an ounce as of 04:11 GMT, after hitting its lowest level since mid-April. U.S. gold futures lost 2.5% to USD 3,236.10. Spot silver fell 1.6% to USD 32.09 an ounce."

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