Gold, silver prices May 30: Gold tops ₹1.62 lakh, Silver near ₹2.75 lakh/kg amid global cues

Gold and silver prices continued to remain firm in the domestic bullion market, supported by strong global trends, expectations of festive and wedding-related demand, and developments surrounding a potential diplomatic understanding between the United States and Iran.

In Delhi's bullion market, gold prices surged to ₹1.62 lakh per 10 grams, while silver climbed to ₹2.74 lakh per kilogram by the close of trade on Friday, reflecting sustained investor interest in precious metals.

According to market data from GoodReturns, gold prices witnessed a marginal rise on Saturday morning. The price of 24-carat gold increased by ₹10 to ₹1,57,650 per 10 grams, while 22-carat gold rose by ₹10 to ₹1,44,510 per 10 grams. The price of 18-carat gold also gained ₹10 to reach ₹1,18,240 per 10 grams.

Silver prices moved higher as well, rising ₹100 to ₹2,80,100 per kilogram.

Gold rates

Among key cities, Chennai reported the highest gold prices, with 24-carat gold trading at ₹1,59,290 per 10 grams. In Delhi, 24-carat gold was priced at ₹1,57,190, while Mumbai and Kolkata recorded prices of ₹1,57,040 per 10 grams.

Other cities such as Lucknow, Jaipur and Kanpur saw 24-carat gold prices at around ₹1,57,780 per 10 grams, while Patna, Indore and Bhopal reported rates near ₹1,57,700 per 10 grams.\

Gold Rates in Major Cities (Today Morning)

City	24K Gold	22K Gold	18K Gold
Delhi	₹157,190	₹144,100	₹117,930
Mumbai	₹157,040	₹143,950	₹117,780
Kolkata	₹157,040	₹143,950	₹117,780
Chennai	₹159,290	₹146,010	₹122,560
Lucknow	₹157,780	₹144,660	₹118,390
Kanpur	₹157,780	₹144,660	₹118,390
Patna	₹157,700	₹144,560	₹118,290
Jaipur	₹157,780	₹144,660	₹118,390
Indore	₹157,700	₹144,560	₹118,290
Bhopal	₹157,700	₹144,560	₹118,290

Source: GoodReturns

MCX gold and silver futures

On the Multi Commodity Exchange (MCX), gold futures displayed mixed trends across contract months. The August 5 gold contract settled ₹146 higher at ₹1,61,059 per 10 grams.

However, the June 5 gold contract declined by ₹925 to ₹1,56,000 per 10 grams, while the October 5 contract gained ₹624 to close at ₹1,64,732 per 10 grams.

Silver futures witnessed profit-booking, with the July 3 silver contract falling ₹2,537 to settle at ₹2,67,000 per kilogram.

What is supporting precious metal prices?

Harish V, Head of Commodity Research at Geojit Investments Ltd., said gold and silver prices have received support from developments related to the US-Iran ceasefire discussions and evolving expectations regarding US Federal Reserve interest rate decisions following recent inflation data.

He noted that expectations of stronger wedding-season demand in the domestic market have also helped keep prices elevated.

According to Harish, there is currently little indication of significant selling pressure in the near term, as underlying market fundamentals continue to support precious metals. He added that silver is likely to follow gold's direction, benefiting both from safe-haven demand and its industrial applications.