Gold prices today: Metal edges higher on MCX, trades at $2,342 an ounce in global market; check local rates

Gold edged higher on India’s Multi Commodity Exchange (MCX) on Monday, May 27, reflecting the upward movement of prices seen in the international market. The yellow metal’s futures for June delivery gained nearly half-a-percentage point in the early hours of trading.

The futures for June delivery were valued at ₹71,573 per 10 gram at 11:00 am, up 0.44% as against the last closing price. Similarly, the futures for August delivery were trading 0.45% higher at ₹71,851 per 10 gram.

In the global market, spot gold was trading at $2,342.38 an ounce at 0532 hours GMT, up 0.36% as against the previous closing rate. The gold futures for June delivery were priced at $2,343.8 an ounce on Comex, up 0.4%.

Notably, gold prices had peaked to an all-time high of $2,450 an ounce in Asian trade on May 20 due to the geopolitical jitters caused by the death of Iranian President Ebrahim Raisi in a helicopter crash. However, the prices subsequently receded as Tehran confirmed the death as an accident.

Gold prices softened further after the minutes of the Federal Open Market Committee (FOMC) meeting, released on May 22, indicated that the rate cut cycle in the United States may not be initiated soon. With disinflation yet to gain momentum, the Fed may be more cautious before slashing down the lending rates, which are at a historic high of 5.25%-5.5%.

What are the gold rates in Indian cities?

As per the retail market rates tracked by Upstox, 10 gram of 24 karat gold was trading at the following value in metro cities:

• Mumbai: ₹74,333 (up 1.18%)
• New Delhi: ₹73,180.00 (down 0.10%)
• Chennai: ₹73,613 (up 0.39%)
• Kolkata: ₹73,325 (down 0.20%)
• Bengaluru: ₹74,045 (up 0.29%)

Gold prices have rallied by around 10% in 2024 so far, as the demand for safe-haven assets have shot up in view of the tensions in the Middle East. According to a forecast released by Citi Research last month, the global prices may peak to $3,000 in the next 6 to 18 months.