Gold Price On May 22 In India: Gold prices in India on May 22, 2023, remained above the Rs 60,000 mark. However, the rates saw a fall on Monday. At 10 am, the gold price was lower by Rs 97 or 0.16 per cent to trade at Rs 60,283 per 10 grams. The silver price on the MCX was also down by 0.5 per cent at Rs 72,951 per kg.
In the international market, COMEX gold traded at $1,979.8 per ounce.
Ravindra V Rao, vice-president and head (commodity research) at Kotak Securities Ltd, said, “COMEX gold prices declined almost 2 per cent and closed at $1,981.6 per troy ounce during the previous week. Data releases from US showed consumer spending is holding up and Labor market outperforming expectations. US retail sales increased in April, with value of retail purchases rising 0.4 per cent m/m after an upwardly revised 0.7 per cent decrease in March. US weekly jobless claims on the other hand fell more than expected.”
He added that losses were pared on Friday and gold prices rose more than 1 per cent, following dovish comments from Fed chair Jerome Powell and stalling of the debt ceiling talks. Fed Chair Jerome Powell said that fallout from the US banking crisis could mean rates might not have to rise as high as they normally would, given the level of inflation. Debt ceiling negotiations, FOMC meeting minutes and US Fed’s preferred PCE price index will be in focus for the week.
Prathamesh Mallya, DVP research, non-agro commodities & currency, Angel One, expects gold to trade higher towards the 60,800 levels, a break of which could prompt the price to move higher to 61,040 levels.
India’s gold imports, which have a bearing on the current account deficit, dipped 24.15 per cent to USD 35 billion in 2022-23 due to global economic uncertainties, according to data from the commerce ministry. Imports of the yellow metal stood at USD 46.2 billion in 2021-22.
Silver imports, however, rose 6.12 per cent to USD 5.29 billion during the last fiscal.
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