Gold prices witnessed a sharp rebound on Wednesday, May 21, reversing Tuesday’s dip, as 22-karat and 24-karat gold rates surged significantly across major Indian cities.
According to data from GoodReturns, the price of 22-karat gold rose from ₹8,710 to ₹8,930 per gram—a gain of ₹220. Similarly, 24-karat gold prices climbed from ₹9,502 to ₹9,742 per gram, reflecting a daily increase of ₹240.
On the Multi Commodity Exchange (MCX), gold futures were trading 0.63% higher at ₹95,438 per 10 grams, while silver prices dipped slightly by 0.26% to ₹97,646 per kilogram.
Price Overview by Weight and Purity
The rise in gold prices was consistent across different quantities:
24-Karat Gold
8 grams – ₹77,936
10 grams – ₹97,420
100 grams – ₹9,74,200
22-Karat Gold
8 grams – ₹71,440
10 grams – ₹89,300
100 grams – ₹8,93,000
18-karat gold also saw a notable jump, with prices rising from ₹7,127 to ₹7,307 per gram. The rate for 10 grams reached ₹73,070, while 100 grams now costs ₹7,30,700, showing daily gains of ₹1,800 and ₹18,000 respectively.
Gold Prices in Major Indian Cities
Prices remained relatively consistent across metro cities:
Mumbai: ₹8,930 (22K), ₹9,742 (24K), ₹7,307 (18K)
Delhi: ₹8,945 (22K), ₹9,757 (24K), ₹7,319 (18K)
Chennai: ₹8,930 (22K), ₹9,742 (24K), ₹7,360 (18K)
Kolkata: ₹8,930 (22K), ₹9,742 (24K), ₹7,307 (18K)
Bangalore, Hyderabad, Kerala, Pune: ₹8,930 (22K), ₹9,742 (24K), ₹7,307 (18K)
Market Outlook
Analysts anticipate continued volatility in precious metal prices due to external economic and geopolitical factors.
“We expect gold and silver prices to remain volatile this week amid fluctuations in the dollar index and ongoing hopes surrounding a Russia-Ukraine peace deal,” said Manoj Kumar Jain, Director of Prithvifinmart Commodity Research.
He added, “Gold could maintain its support near $3,120 per troy ounce, while silver may find a floor at around $31.40 per troy ounce. However, peace deal progress could potentially limit further upside in prices.”
The recent price momentum reflects a complex mix of global uncertainties, including geopolitical tensions, macroeconomic indicators, and investor appetite for safe-haven assets.
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