Gold and silver prices today, May 23, 2025: Gold hits Rs 96,000, silver approaches Rs 98,115; check the latest city rates

Today's gold and silver prices, May 23, 2025: Gold prices continued to rise on Monday, climbing to Rs 96,000 per 10 grams on the multi-commodity exchange (MCX), while silver prices also rose to Rs 98,115 per kilogram. The surge has increased global financial volatility and has increased the need for shelter from concerns about U.S. economic and geopolitical tensions.

On MCX, gold June futures rose 0.49% (Rs 464) and Silver May Futures rose 0.33% (Rs 319). In the international market, on-site gold traded at $3,303.09 per ounce, up 0.3%, with its best weekly performance since early April. U.S. gold futures are also above $3,302.80 per ounce.

Analysts say the rally is driven by a variety of factors, including weak dollar, poor demand for U.S. bond auctions and increased geopolitical risks. The U.S. dollar index fell more than 1% this week, its worst performance since April 7 – gold in dollar terms is cheaper for international buyers.

“Gold could put its foothold above the $3,000 level, while tariffs, debt and geopolitical tensions spin around financial markets,” said Tim Waterer, chief market analyst at KCM Trade.

Apart from the uneasiness in the market, the U.S. House of Representatives passed a huge tax and expenditure bill that could inflate Treasury bonds. This is in line with Moody's recent downgrade of U.S. credit rating and weaker response to the $16 billion Treasury bond auction, which has heightened concerns about U.S. fiscal health.

Meanwhile, tensions in the Middle East (especially concerns about possible strikes against Iran) have further strengthened demand for bank-avoiding assets such as gold and silver.

The prospects of precious metals remain variable

Despite early gains, analysts warn that volatility remains high. Manoj Jain, director of India's Nivesh, noted that gold and silver both earned profit bookings from their highs due to instability in the global bond market and interest in cryptocurrencies such as Bitcoin.

“We recommend increasing the immersion strategy of gold and silver on global uncertainty,” Jain said, who fixed the domestic trade scope between Rs 94,600 and Rs 96,650 and silver between Rs 96,300 and Rs 99,300.

Globally, gold has technical support at $3,240 per ounce and resistance is about $3,358, while silver may have support at $32.40 per ounce and face resistance is close to $33.80.

Currency fluctuations increase uncertainty

The U.S. dollar index rebounded slightly on Thursday, closing at 99.84, up 0.37%, while USD-Inr May Futures finished at 85.9900, up 0.47%. However, the Indian rupee is still under pressure due to a sell-off in the stock market and rising global bond yields. Analysts expect the rupee and dollar index to remain volatile in the short term.

City gold price (per gram on May 23, 2025):

Gold prices in Mumbai:

In Mumbai, 24 carat gold is priced at Rs 9,753 per gram, while 22 carat gold is priced at Rs 8,940 per gram.

Gold prices in Delhi:

The national capital recorded Rs 24,768 at a price of Rs 9,768 per gram, and Rs 22,768 per gram of gold can offer Rs 8,955.

Gold prices in Chennai:

The gold rate in Chennai is slightly lower, with Rs 9,753 per gram of 24K gold and Rs 8,940 per gram.

Gold prices in Kolkata:

In Kolkata, 24 carat gold costs Rs 9,753 per gram and 22 carat gold sells for Rs 8,940 per gram.

Gold prices in Bangalore:

The gold in Bangalore trades at Rs 9,753 per gram, while the 22k Gold is priced at Rs 8,940 per gram.

Price of gold in Pune:

The gold in Pune is trading at Rs 9,753 per gram, while the price of 22k gold is Rs 8,940 per gram