Gold rates on May 19: Yellow metal rebounds after sharp decline; check the latest rates in your city today

Gold

Gold prices recorded a strong rise on May 19, after a continuous decline which was seen earlier amid easing global tensions. Gold's June contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 93,024 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:

Also read: Gold gets bounce from Moody’s US downgrade after big weekly drop

"Gold rebounded late Friday to close the week at $3,187 per ounce, supported by Moody’s downgrade of the US credit rating from Aaa to Aa1, citing a ballooning federal budget deficit and a national debt that now stands at $36 trillion. Gold extended its recovery today, with COMEX futures surging above $3,250 per ounce, as growing concerns about the US economic outlook and fiscal stability following the credit downgrade renewed safe haven bids," said Kaynat Chainwala, AVP-Commodity Research, Kotak Securities.

Also read: Has gold peaked?

"US economic data showed U.S. producer prices unexpectedly fell in April, while retail sales growth slowed. Earlier this week, a report showed consumer prices rose less than expected in April. Markets are pricing the Federal Reserve to cut rates by September. Lower interest rates help increase bullion's attractiveness as it is a non-yielding asset," said Prathamesh Mallya, DVP- Research of Non-Agri Commodities and Currencies at Angel One.