Gold Rate In India Today Falls After Rally: 22K, 24K, 18K Prices Down On May 1; Silver Prices Surge
Gold rates in India fell on May 1, with 22-carat gold declining by Rs. 350 per 10 grams to Rs. 1,39,650, while silver prices surged by Rs. 5,000 per kg to Rs. 2,55,000. The drop in gold prices is attributed to the sharp depreciation of the US dollar, making gold more affordable during the high-demand wedding season.
Gold rates in India decreased on May 1 after a previous rally. The 22-carat gold rate fell by Rs. 350 per 10 grams to Rs. 1,39,650, while the 24-carat gold price dropped by Rs. 380 to Rs. 1,52,350 per 10 grams. The decline is linked to the US dollar's sharp depreciation, which supported international gold prices. Silver prices, however, jumped by Rs. 5,000 per kg to Rs. 2,55,000. Major cities like Chennai, Mumbai, Bangalore, and Hyderabad saw a similar drop in gold rates. The Multi-Commodity Exchange (MCX) was closed on May 1 in observance of May Day.
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