Home / Business and Economy / Gold Prices Fluctuate Amid Global Uncertainty
Gold Prices Fluctuate Amid Global Uncertainty
21 May
Summary
- Gold and silver prices experienced significant fluctuations on May 21.
- Gold futures declined 0.7% on MCX, while silver futures dropped 1.21%.
- Gold prices varied across New Delhi, Mumbai, Chennai, and Kolkata.
Gold and silver prices exhibited notable fluctuations on May 21, influenced by global market uncertainties. Gold futures on the Multi Commodity Exchange (MCX) saw a decrease, with June futures hitting an intraday low. Silver futures also experienced selling pressure, with July futures marking a significant intraday decline.
Daily gold rates presented variations across major Indian cities. In New Delhi, 24K gold was priced at Rs 15,851 per gram, while Mumbai reported Rs 15,836. Chennai saw higher rates at Rs 16,090 for 24K gold, and Kolkata matched Mumbai's rates. The price of silver in India stood at Rs 279.90 per gram, with its price also subject to global market dynamics and industrial demand.
Recent government actions, including a sharp hike in import duty on gold and silver to 15 percent, aim to curb non-essential imports. This measure was implemented against the backdrop of a widening import bill amidst regional geopolitical tensions. Similar duty increases were also applied to platinum.
