Gold and Silver Prices in Major Indian Cities on May 27: Rates for 24K and 22K Gold

Precious Metal Prices Trade Higher Amid Ongoing War in Iran

Precious metal prices experienced a marginal increase in early May 27 trade, influenced by the ongoing war in Iran and elevated oil prices. However, gains were capped by a stronger dollar.

Spot Gold and Silver Prices

The international spot gold traded 0.18 percent higher to $4,510.40 per ounce, while silver inched 0.85 percent higher to $77.25 per ounce over the last 24 hours in early Comex trade.

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

In the domestic market, the gold futures for the June contract on MCX traded 0.15 percent higher to Rs 1,57,859 per 10 grams, while silver futures for the July contract inched 0.51 percent to Rs 2,72,000 per kilogram.

Domestic Spot Gold Price

The domestic spot gold closed the Tuesday's MCX session at Rs 1,57,264 per 10 grams of 24-karat purity.

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

Market Expectations

Market participants are now closely watching upcoming US Core PCE inflation and GDP data, which could significantly influence Fed expectations and bullion movement.

Market Analysis

Gold prices traded weak as rising crude prices and renewed geopolitical uncertainty kept markets cautious. Technically, gold has immediate support near Rs 1,57,000, while resistance remains around Rs 1,61,000, according to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities.

Gold Prices by Purity

Gold prices vary as per purity. The price of 10 grams of 24-karat, 22-karat, and 18-karat gold moved as follows: