📷 Image Credits: News18
Gold prices in India experienced fluctuations on May 27, 2024. The price of 10 grams of gold remained steady at approximately Rs 72,000. Pure 24-carat gold was priced at Rs 72,430 per 10 grams, while 22-carat gold held stable around Rs 66,390. Meanwhile, the silver market witnessed an upward trend, with prices increasing to Rs 91,400 per kilogram.
The retail price of gold in India reflects the final cost per unit weight for consumers and is influenced by various factors beyond the metal’s intrinsic value. Gold holds significant cultural importance in India, serving as a crucial investment and playing a traditional role in weddings and festivals. Investors and traders closely monitor the market dynamics amidst ongoing fluctuations.
On the same day, gold prices surged in the country following stability, with 22k gold price quoting at Rs 66,650/10 grams. Additionally, 100 grams of 22 carat yellow metal prices surged by Rs 2500 to Rs 6,66,500 in India. The 24k gold price also increased by Rs 270 to Rs 72,710/10 grams, while 100 grams of 24 carat yellow metal got dearer by Rs 2,700 to Rs 7,27,100 in the country. Silver prices witnessed a sharp rally, with 1 kg silver prices jumping by Rs 1500 to Rs 93,000.
Rahul Kalantri, VP Commodities, Mehta Equities, mentioned that gold and silver prices faced a downward trend due to concerns over prolonged higher monetary policy. Gold prices experienced their largest weekly drop in eight months amidst these uncertainties.
Overall, gold prices fluctuated on May 27, adjusting to market trends and developments. Stay updated with changing rates by regularly checking the gold prices in different cities across India.