Gold Rate Today In India: On May 18, the price of 10 grams of gold rose in India as China’s stimulus and the US rate cut expectations lifted gold and silver prices above the $30 mark in the international market. Pure 24-carat gold was valued at Rs 74,620 per 10 grams, with 22-carat gold price standing at about Rs 68,400. In contrast, the silver market witnessed an upward, going to Rs 89,000 per kilogram.
Gold rate today in India: Retail gold price on May 18
Check gold rates today in different cities on May 18, 2024; (In Rs/10 grams)
Multi Commodity Exchange
On May 18, 2024, the Multi Commodity Exchange (MCX) is closed as it remains closed on Saturdays and Sundays.
International Gold Price
Gold prices, aided by China’s stimulus measures, looked poised to clock their second consecutive weekly gain on Friday on renewed hopes for U.S. interest rate cuts, with silver breaking the $30 barrier to hit an 11-year high, according to Reuters.
Spot gold rose 1.5% to $2,412.83 per ounce by 1745 GMT, closing in towards an all-time high of $2,431.29 hit on April 12.
U.S. gold futures settled 1.3% higher at $2417.40 per ounce.
Retail Cost of Gold
The retail gold price in India, denoting the ultimate cost per unit weight for consumers purchasing gold, is subject to various influences beyond the metal’s inherent value.
In India, gold holds immense cultural significance, serving as a valuable investment and maintaining traditional ties to weddings and festivals.
Amid ongoing market fluctuations, investors and traders closely monitor these dynamics. Stay tuned for further updates on this evolving story.
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