Gold, Silver Rates Today, May 31: Bullion Trades Near Record Highs—Should You Buy Now? Check City-Wise 24K, 22K, 18K Gold And Silver Rates

Gold remains one of the most closely watched asset classes in India, and prices are still trading near record levels despite a recent pullback in futures markets. In the major cities, the rates of 24-carat gold were still above ₹15,700 a gram, and silver was quoting around ₹2.8 lakh a kilogram in most of the places on May 31. Precious metals’ movement was being driven by international bullion trends, demand for safe haven assets and rupee-dollar fluctuations, they said.

Gold Prices Near Record High

MCX gold futures declined 0.59% on the previous day, but prices remain very high compared to historical levels in India. On May 31, 24-carat gold sold for $1.57 lakh for 10 grams, according to market sources, indicative of the steep run-up in the past few months.

The correction follows a sharp upward movement that pushed gold close to all-time highs. Factors such as global economic uncertainty, purchases by central banks and continuous investor demand as a hedge remain supportive for the commodity, said market observers.

(Source: Good Returns)

Today’s Gold Prices in Indian Cities

(Source: Good Returns)

Please note that the rates may vary slightly from one city to another based on various factors such as local tax, transportation and demand.

Want to Buy Gold? Here Are the Charges You Need To Know

The mentioned prices are in their raw bullion form; those who plan to buy jewellery should be prepared for a slightly higher final bill once you add it.

* 3% GST (Goods and Services Tax)
* Jewellers’ charges

Any applicable hallmarking or design fees will be added.

Therefore, the purchase price may differ significantly from the quoted gold price.

Silver Remains Strong

The strong demand for precious metals also makes silver another big beneficiary. In most of the major cities, the metal is priced around ₹280 a gram or ₹2.8 lakh a kilogram.

As well as being attractive as an investment and jewellery metal, silver also has industrial demand from sectors such as electronics, renewable energy and manufacturing, making price movements more dynamic than gold.

Silver Rates in Major Cities City 10 Grams of Silver 100 Grams of Silver 1 Kg Silver

(Source: Good Returns)

Significance of Silver & Gold Prices

Factors that affect gold rates in India include world gold rates, US dollar movements, central banks’ monetary policies, inflationary expectations, and also domestic jewellery demand. Silver rates, on the other hand, depend on both investment and industrial demand.

Since gold is close to its highs and also silver continues to be in its expensive range, markets are expected to be glued to world economic trends and central bank statements for direction on the way ahead for precious metals.

Also Read: Petrol And Diesel Prices Today, May 31: Will Fuel Rates Ease Soon? Check Latest Rates Across Delhi, Mumbai, Kolkata And More

(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)