what is gold price today 24 carat : May 21, 2025
Due to economic uncertainties and a declining US dollar,gold prices increased on Wednesday in the domestic futures market. Around 9:15 AM,MCX Gold June 5 futures rose by 0.66% to ₹95,470 per 10 grams.
Today’s gold price: Due to worries about fiscal uncertainty in the largest economy in the world and the US dollar’s decline,gold prices rose in the domestic futures market on Wednesday morning. Around 9:15 AM, MCX Gold June 5 contracts were up 0.66 percent at ₹95470 per 10 grams.
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The US dollar went below the 100 barrier, making gold cheaper in foreign currencies. Since gold is valued in dollars, weakness in the US currency makes bullion cheaper in other currencies and enhances its demand.
The dollar is being weakened and gold prices are being supported by growing worries about the US economy.
There are worries that the US tax reform package may increase the country budget deficit more quickly than anticipated. Last Friday,Moody’s cut the US credit rating.
Following a recent period of profit booking,gold prices have somewhat recovered. MCX Gold June futures increased 1.65% in the previous session.
Gold and silver continued to rise as a result of additional safe-haven purchases brought on by Moody downgrading US ratings in the face of mounting Federal debt,according to Manoj Kumar Jain of Prithvifinmart Commodity Research.
Jain noted that following US rating downgrades,the global equity markets fell and the dollar index continued to decline,which supported the price of gold and silver. The Australian central bank lowered interest rates by 25 basis points on Tuesday,while the Chinese central bank lowered rates for one-year and five-year loans by 10 basis points.
Precious metals were also affected by this.
According to experts,gold prices might soon consolidate.
Despite record-high prices,demand is still high; in month,China imported the most gold in almost a year. Even while there are currently no significant catalysts for a rapid up rise,sustained buying from international central banks and consistent demand over India’s wedding season are anticipated to keep downside contained.
According to Aksha Kamboj,Vice President of the India Bullion and Jewellers Association and Executive Chairperson of Aspect Global Ventures, gold prices would therefore probably consolidate with periods of volatility until a distinct directional trigger appears.
Disclaimer: The sole intention of this story is education.