what is the price of gold today 24 carat : May 23, 2025
Gold price today:Gold prices gained in the domestic futures market due to favorable global cues, despite lackluster demand in the local spot market. Around 9:10 AM, MCX Gold June 5 contracts increased by 0.10%, trading at ₹95,612 per 10 grams, as global prices also profited from a weakening dollar.
Today gold price: As worries about US debt and the economic effects of the tax law continue, gold prices increased in the domestic futures market on Friday morning in response to encouraging global signals. The gains were,however,limited by the domestic spot market’s weak demand.Around 9:10 AM,MCX Gold June 5 contracts were up 0.10 percent at ₹95,612 per 10 grams.
With a weaker dollar and growing worries about the US’s worsening fiscal picture, global gold prices appeared poised to close the week higher.
This week,the dollar index has dropped more than 1%. It is expected to lose more than it has in a week since April 7.
Because gold is valued in US dollars,its demand is increased when the dollar’s depreciation lowers the price of the yellow metal in foreign currencies.
The outlook of the greatest economy in the world is the primary catalyst for gold at this time.President Donald Trump expansive tax and spending plan has sparked worries that it could increase the US fiscal imbalance following Moody’s credit rating drop.
On Thursday,a comprehensive tax and spending bill was approved by the US House of Representatives.
The executive chairperson of Aspect Global Ventures and vice president of the India Bullion and Jewellers Association,Aksha Kamboj,noted that despite pressure on riskier assets like stocks from mounting worries about the US budget deficit,gold prices have stayed comparatively stable.Treasury yields on Wall Street have increased as a result.
“A possible rally might be supported by a number of reasons. Rising tensions in the Middle East between Israel,Iran,and the Houthis, as well as the potential implementation of Donald Trump’s proposed tax cuts, which might further increase the US budget deficit, could serve as catalysts for an increase in gold prices,according to Kamboj.
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