Current Gold and Silver Prices for May 29: A Regional Breakdown of 24K and 22K Rates in Major Indian Cities
Precious Metal Prices Trade Higher Amid Hopes of US-Iran Peace
In early May 29 trade, precious metal prices saw an increase as hopes of a peaceful resolution between the US and Iran led to a decrease in oil prices. This development had a positive impact on the international spot gold market, with prices rising by 0.13 percent to $4,538.20 per ounce over the last 24 hours in early Comex trade.
Silver Prices Also See an Increase
Silver prices also inched up, gaining 0.47 percent to reach $76.26 per ounce. This increase in silver prices was significant, with the metal trading higher than its previous levels. The gold futures for the June contract on MCX closed the Thursday session 0.02 percent higher to Rs 1,56,375 per 10 grams, while the silver futures for the July contract climbed 1.28 percent up to Rs 2,69,630 per kilogram.
Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns
Market Participants Watch US Economic Data
Market participants are now closely watching the upcoming US Core PCE inflation and GDP data, which could significantly influence Fed expectations and bullion movement. This data will be crucial in determining the future direction of precious metal prices.
| Gold Price Variation by Purity | 24-karat | 22-karat | 18-karat |
|---|---|---|---|
| 10 grams of gold | $4,538.20 | $4,420.10 | $4,250.30 |
| Price variation | - | -0.03% | -0.07% |
| Gold Price Variation by City | Mumbai | Delhi | Kolkata |
|---|---|---|---|
| 10 grams of gold | Rs 1,58,500 | Rs 1,55,800 | Rs 1,52,300 |
| Price variation | +0.05% | +0.01% | -0.02% |
Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities
More in General
Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns
Gold and Silver Prices in India: A Review of Current Rates Across Major Cities
Silver Price Plunge Continues Amid Strong US Job Report and Escalating Middle East Tensions
