Gold and Silver Prices Ease as Global Tensions Cool; Gold Down Rs 490 Silver Rs 1,000 Lower

Gold prices in India saw a sharp decline on May 20, with 24-carat gold dropping by Rs 490 to Rs 95,020 per 10 grams, while 22-carat gold fell by Rs 450 to Rs 87,100 per 10 grams. Silver prices also slipped, declining by Rs 1,000 per kilogram, offering relief to buyers during the ongoing wedding season.

 

This correction comes after weeks of volatility that pushed gold close to record highs. Analysts attribute today’s dip to easing geopolitical tensions between Russia and Ukraine, which has reduced gold’s appeal as a safe-haven asset. Additionally, a weaker US Dollar Index has influenced the downward trend, prompting many to view this as a buying opportunity for both gold and silver.

 

Major cities including Chennai, Mumbai, Bangalore, and Hyderabad reported similar price drops, aligning with the national trend. With gold and silver rates now hovering below recent peaks, jewellers expect increased demand from consumers looking to capitalize on the lower prices.

 

Source: Goodreturns, Republic World, Upstox