Gold and Silver Prices in India: Retail Rates for 24K, 22K Gold in Major Cities on May 20

Global Markets Remain Volatile Amid Ongoing Iran War

Precious metal prices traded marginally lower on early May 20 trade, a result of the ongoing Iran war and elevated oil prices. However, gains remained capped by a stronger dollar.

The international spot gold price decreased by 0.71% to $4,479.10 per ounce, while silver prices edged 1.40% lower at $71.11 per ounce in early Comex trade.

In the Indian market, the domestic spot gold closed the MCX session at Rs 1,58,472 per 10 grams of 24-karat purity on Tuesday. Meanwhile, the gold futures for the June contract closed 0.04% higher at Rs 1,59,136 per 10 grams, and silver futures for the July contract inched 0.11% to Rs 2,70,407 per kilogram.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

Precious Metal Prices Comparison

Market participants are closely watching upcoming US PMI manufacturing and services data, which could influence dollar movement and interest rate expectations.

Market analysts expect gold prices to trade within a broader range of Rs 1,58,000 to Rs 1,62,000 for the near term. This projection comes as sentiment in gold received minor support after reports that the US temporarily withdrew from an immediate attack plan on Iran, although continued warnings of a possible full-scale strike if a final deal is not reached are keeping uncertainty elevated in global markets.

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities

The Augmont Bullion report (May 19) noted that gold is finding support near $4,500 and silver near $75, both of which are surrendering a portion of the prior session's gains. Sentiment has weakened on unresolved Middle East tensions and sticky inflation, leading to sustained selling pressure in gold since the conflict began. Rising oil prices have intensified inflation expectations and strengthened the case for further central bank rate hikes.

Gold prices vary among cities, with prices in different locations reflecting local market conditions.