Gold and Silver Prices Today, 23 May 2025: Gold hits Rs 96,000, Silver nears Rs 98,115; Check latest city-wise rates

Gold and Silver Prices Today, 23 May 2025: Gold prices continued their upward momentum on Monday, climbing to Rs 96,000 per 10 grams on the Multi Commodity Exchange (MCX), while silver prices also rose, reaching Rs 98,115 per kilogram. This surge comes amid heightened global financial volatility and increased safe-haven demand triggered by concerns over the US economy and geopolitical tensions.

On the MCX, gold June futures gained 0.49 per cent (Rs 464), and silver May futures advanced 0.33 per cent (Rs 319). In international markets, spot gold traded at $3,303.09 an ounce, up 0.3 per cent, heading for its best weekly performance since early April. US gold futures also edged higher to $3,302.80 an ounce.

Analysts say the rally is driven by a combination of factors, including a weakening US dollar, poor demand at US bond auctions, and increasing geopolitical risks. The US dollar index dropped over 1 per cent this week—its worst performance since April 7—making dollar-denominated gold cheaper for international buyers.

“Gold can likely maintain its foothold above the $3,000 level while tariff, US debt and geopolitical tensions swirl around financial markets,” said Tim Waterer, Chief Market Analyst at KCM Trade.

Adding to the market’s unease, the US House of Representatives passed a massive tax and spending bill that could inflate the national debt. This, along with Moody’s recent downgrade of the US credit rating and a weak response to a $16 billion Treasury bond auction, has intensified concerns over America’s fiscal health.

Meanwhile, rising Middle East tensions—particularly fears of a possible Israeli strike on Iran—have further boosted demand for safe-haven assets like gold and silver.

Precious metals outlook remains volatile

Despite early gains, analysts warn that volatility remains high. Manoj Jain, Director at India Nivesh, noted that both gold and silver saw profit-booking from their highs due to global bond market instability and renewed interest in cryptocurrencies like Bitcoin.

“We suggest a buy-on-dip strategy for gold and silver amid heightened global uncertainty,” Jain said. He pegged domestic trading ranges for gold between Rs 94,600 and Rs 96,650, and for silver between Rs 96,300 and Rs 99,300.

Globally, gold has technical support at $3,240 per ounce and resistance around $3,358, while silver could find support at $32.40 per ounce and face resistance near $33.80.

Currency volatility adds to uncertainty

The dollar index rebounded slightly on Thursday, closing at 99.84 with a gain of 0.37 per cent, while USD-INR May futures ended at 85.9900, up 0.47 per cent. The Indian rupee, however, remained under pressure amid equity market sell-offs and rising global bond yields. Analysts expect both the rupee and dollar index to remain volatile in the near term.

City-wise Gold Prices (per gram on 23 May 2025):

Gold Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs 9,753 per gram, while 22-karat gold was priced at Rs 8,940 per gram.

Gold Price in Delhi:

The national capital recorded 24K gold at Rs 9,768 per gram, with 22K gold available at Rs 8,955 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,753 per gram and 22K gold at Rs 8,940 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 9,753 per gram, and 22-karat gold was selling at Rs 8,940 per gram.

Gold Price in Bengaluru:

Bengaluru saw 24K gold trading at Rs 9,753 per gram, while 22K gold was available at Rs 8,940 per gram.

Gold Price in Pune:

Pune saw 24K gold trading at Rs 9,753 per gram, while 22K gold was available at Rs 8,940 per gram