gold price weekly: Gold and silver prices have been witnessing continuous fluctuations. At times, gold prices are rising, while at other times, they are falling. Simply put, the volatility of gold prices has left people feeling confused. In India, women, in particular, harbour a deep love for gold jewellery. Consequently, many women are currently unable to purchase gold.
On the other hand, just a few days ago, Prime Minister Modi appealed to the public to refrain from purchasing gold for one year. Nevertheless, if you are still considering buying gold jewellery, take a moment to check today’s prevailing rates. According to bullion market data, 10 grams of gold is currently being sold in the country for ₹156,810.00, while silver is available at ₹267,790 per kilogram.
According to local market experts, the price of 24-carat gold—possessing 99.9% purity—has risen by ₹1,600, reaching ₹162,900 per 10 grams (inclusive of GST). Meanwhile, the price of silver has increased by ₹5,000, bringing its rate to ₹274,700 per kilogram (inclusive of all taxes).
According to the Indian Bullion and Jewellers Association (IBJA), the price of 24-carat gold stood at ₹156,463 per 10 grams by the time the market closed on Friday. Since today is Saturday, the IBJA market remains closed; it will also remain closed tomorrow, May 31st. Therefore, these same rates will remain applicable for both days. Below, we outline—based on IBJA data—the extent of the change in gold rates over the past week.
IBJA Friday Gold Rates
24-Carat Gold: ₹156,463 per 10 grams
23-Carat Gold: ₹155,836 per 10 grams
22-Carat Gold: ₹143,320 per 10 grams
18-Carat Gold: ₹117,347 per 10 grams
14-Carat Gold: ₹91,531 per 10 grams
Gold Becomes Cheaper Within a Week
According to the Indian Bullion and Jewellers Association (IBJA), the price of 24-carat gold was recorded at ₹158,857 per 10 grams on May 25. On May 29—the final trading day of the week—it was recorded at ₹156,463 per 10 grams. This signifies that within one week, gold has become cheaper by ₹2,394.
Silver Prices
According to the Indian Bullion and Jewellers Association (IBJA), the price of 999-purity silver stood at ₹271,100 on May 25. On May 29—the final trading day of the week—it closed at ₹263,350. This indicates that silver has become cheaper by ₹7,750.
How Much Cheaper Are Gold and Silver Compared to Their Highs?
Although the past week saw only a marginal decline in gold and silver prices, both commodities are currently trading significantly below their peaks. In the month of January, gold futures prices surged past the ₹200,000 mark for the very first time. Gold touched a lifetime high of ₹202,984; when compared to current rates, 24-carat gold is now available at a discount of ₹46,521. As for silver, it crossed the ₹ 457,328-per-kilogram mark in January. Since then, the price of 1 kg of silver has dropped by ₹193,978.
Should You Buy Gold?
If there is a wedding in your family, purchasing gold right now is likely to prove cost-effective for you. Along with this, you may also consider buying silver. However, if you do not currently require gold jewellery, do not rush into making a purchase. It would be somewhat difficult to predict whether gold prices will rise or fall in the near future.
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