Gold rate today: Yellow metal rises; check the latest prices in your city on May 21

Gold rate today

Gold prices rebounded on May 21, after a slight drop which was seen in the previous day. Gold's June contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 95,344 per 10 gram today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on May 19:

"Comex Gold (August) futures surged to $3,326 per ounce yesterday, closing 1.6% higher, as the US dollar slipped to a two-week low amid challenges to President Trump’s tax bill and his warning that a failure to pass the bill could result in massive tax hikes. Strong demand from China also supported gold prices, with April imports rising 73% month-on-month to 127.5 metric tons, the highest level in 11 months, despite record-high prices. Meanwhile, dovish comments from ECB officials, signaling potential rate cuts, and ongoing trade tensions, particularly with Japan, added to market volatility. Today, gold extended its gains to $3,344 per ounce, supported by continued dollar weakness and rising geopolitical tensions following reports of a potential Israeli strike on Iranian nuclear facilities. Speeches from Federal Reserve officials will be closely watched. So far this week, several FOMC members have emphasized a cautious, wait-and-watch approach, suggesting the Fed may not be ready to lower interest rates before September due to tariff-related uncertainty," said Kaynat Chainwala, AVP of Commodity Research at Kotak Securities.

Also read: Does silver hold a safe-haven potential?

Axis Securities meanwhile said, "The rally was driven by a softer U.S. dollar and escalating geopolitical tensions. Sentiment turned further bullish after Moody’s downgraded the U.S. credit rating to Aa1, citing rising debt levels. This move significantly increased recessionary concerns, with the probability of a U.S. recession reportedly jumping by almost 50%, thereby boosting demand for safe-haven assets, such as gold."

Also read: Forex reserves jump $4.5 billion to $690.61 billion on rise in gold assets

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