Recent Trends in Gold Prices in India

Gold Price Fluctuations in India

Gold prices in India have seen a slight decrease recently. On the Multi Commodity Exchange (MCX), the futures price for 24-carat gold dropped by Rs 134.50, bringing it to Rs 1,57,000 per 10 grams. During the evening session on Thursday, May 28, gold futures on the MCX fell significantly as rising crude oil prices due to new strikes by the US and Iran reignited inflation concerns, alongside expectations of potential interest rate hikes later this year. The June expiry MCX gold futures saw a decline of up to Rs 2,041 per 10 grams, settling at Rs 153,586. This downward trend in domestic prices reflected the overall weakness observed in global markets at that time. Global gold prices also recovered some losses as investors awaited news regarding a ceasefire deal between the US and Iran. Brian Lan, Managing Director of GoldSilver Central, mentioned to Reuters, 'Yesterday, we saw gold drop to $4,360 and it was expected to decline further until the ceasefire announcement, which led to a sudden price reversal. This is the current market situation this morning.' Analysts and investors are closely monitoring geopolitical developments for further insights into precious metal pricing.