Gold and Silver Prices Remain Steady Across India on May 28

Precious Metal Prices Tumble Amid Stronger Dollar and Ongoing War in Iran

In early trade on May 28, precious metal prices experienced a decline, largely due to a stronger dollar and the ongoing conflict in Iran. The war has led to elevated oil prices, which in turn affected the prices of precious metals.

The international spot gold traded 1.19 percent lower, closing at $4,395.30 per ounce, while silver edged 1.99 percent down to $73.40 per ounce over the last 24 hours in early Comex trade. This decline is a notable contrast to the market's expectations, given the ongoing tensions in the region.

The gold futures for the June contract on the Multi Commodity Exchange (MCX) closed the Wednesday session 1.25 percent down at Rs 1,55,650 per 10 grams, while the silver futures for the July contract fell 1.73 percent down to Rs 2,65,950 per kilogram. The domestic spot gold closed the MCX session at Rs 1,55,400 per 10 grams of 24-karat purity.

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

Market participants are now closely watching the upcoming US Core PCE inflation and GDP data, which could significantly influence Federal Reserve expectations and bullion movement. The release of this data is expected to have a substantial impact on the market, potentially leading to further fluctuations in precious metal prices.

Precious Metal Prices Comparison

Gold prices vary as per purity, and the prices of 10 grams of 24-karat, 22-karat, and 18-karat gold moved differently today. Similarly, gold prices vary among cities, and the prices of 10 grams of gold moved differently in various cities.

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