Gold Rate Today: MCX registers subsequent dip as prices fall by more than ₹600 / 10 gms

Gold Rate Today Falls on Economic Worries

The gold rate today on May 23, 2024, stood at ₹72,437 per 10 grams for June delivery contracts, as per the Multi Commodity Exchange (MCX), marking a fall of ₹609 or 0.63% compared to the previous close.

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On Thursday, the precious metal has continued its falling streak by taking a dip of more than Rs. 600. This comes due to various factors prevailing in the market such as US dollar rate against Indian Rupee.

Retail Gold Rate Today

For those looking to buy gold in the market currently, the rate including 3% Goods and Services Tax (GST) will be around ₹74,610 per 10 grams. Price may vary in each city depending on demand and supply and local traders.

Gold prices continued their downward trajectory, declining for the second straight day amid a stronger U.S. dollar and rising bond yields.

The precious metal’s appeal as a safe-haven investment took a hit, as investors favored other asset classes, leading to a consecutive session of losses in the bullion market.

 

Note: It’s important to note that silver prices may vary across different cities depending on local demand-supply dynamics and premiums charged by traders.

The rise in the silver rate today can be attributed to concerns over slowing economic growth and persistent inflationary pressures, which have boosted the safe-haven appeal of precious metals.