Gold rates on May 16: Check the latest rates in your city today

Gold prices have seen a continuous decline recently as easing geopolitical tensions between India and Pakistan dampened the safe-haven appeal of the yellow metal. Gold's June contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 92,859 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 16:

"Gold slipped to around $3,220 per ounce, heading for a 3% weekly loss as easing trade tensions reduced demand for safe-haven assets. A US-China tariff truce and stable India-Pakistan relations weighed on prices. Despite soft US inflation data supporting rate cut expectations, Fed Chair Powell warned of future inflation volatility. On the technical front, MCX Gold has been weakening on the daily charts, forming a double top pattern. It has experienced heavy volume sell-offs over the last couple of trading sessions," said Way2Wealth Brokers.

"Gold is threatening to end below the 50-day moving average for the first time since December. Gold prices are showing signs of stress as key macro shifts weigh on the metal. A break below a critical support band could set the stage for deeper downside," said Axis Securities.

Also read: Gold prices likely to correct further as risk-on sentiment takes hold, say experts