Gold price today, 28 May: Gold prices declined in international markets on Thursday, 28 May, amid a stronger US dollar and a fresh US attack on Iran, which rattled global commodity markets.
This has raised fears that inflation could remain elevated for longer than expected. These developments also point towards the possibility of higher interest rates in the near future.
Spot gold fell 0.8% to $4,419.60 per ounce as of 0129 GMT, while US gold futures for June delivery declined 0.7% to $4,417.10. Silver prices also came under pressure, with spot silver declining 1.7% to $73.34 per ounce. Indian commodity markets remained shut on Thursday, 28 May, due to Bakrid.
The focus of global market participants is on a resolution to the ongoing dispute between the . Any improvement in the situation is bound to provide much-needed respite from the rising inflation and commodity prices.
Important geopolitical developments
Minneapolis President Neel Kashkari said Thursday that bringing down inflation in the US continues to remain his top priority, warning that consumer prices are still “much too high.”
Kuwait activated its air defences on Thursday
its air defences on Thursday, according to a CNBC report, in response to what it described as “hostile missile and drone threats,” as per a post by the country’s armed forces on X.
The military did not say where the attacks originated, but added that any explosion sounds heard were the result of air-defence systems intercepting incoming attacks.
Energy inflation has been more persistent than expected: Fed’s Goolsbee
Energy tied to the war in Iran has lasted longer than expected, creating a ‘stagflationary shock’ for Asian economies, Chicago Federal Reserve President Austan Goolsbee said Thursday.
Due to these reasons only, this war on Iran by the US and Israel has been challenging for Asian economies such as India and China.
Speaking to CNBC at the Bank of Japan-IMES Conference, Goolsbee said that initial futures-market estimates had expected energy prices to be ‘a lot lower’ than current levels.
Let us look at the most recent price changes in gold and silver across various cities in India.
Gold Prices in Mumbai — 28 May
24 karat gold rate in Mumbai — ₹156,150/10 gm
22 karat gold rate in Mumbai — ₹143,138/10 gm
Silver 999 Fine rate in Mumbai — ₹266,210/1 kg
Gold Prices in New Delhi — 28 May
24 karat gold rate in New Delhi — ₹155,880/10 gm
22 karat gold rate in New Delhi — ₹142,890/10 gm
Silver 999 Fine rate in New Delhi — ₹265,750/1 kg
Gold Prices in Bengaluru — 28 May
24 karat gold rate in Bengaluru — ₹156,270/10 gm
22 karat gold rate in Bengaluru — ₹143,248/10 gm
Silver 999 Fine rate in Bengaluru — ₹266,420/1 kg
Gold Prices in Kolkata — 28 May
24 karat gold rate in Kolkata — ₹155,940/10 gm
22 karat gold rate in Kolkata — ₹142,945/10 gm
Silver 999 Fine rate in Kolkata — ₹265,860/1 kg
Gold Prices in Hyderabad — 28 May
24 karat gold rate in Hyderabad — ₹156,400/10 gm
22 karat gold rate in Hyderabad — ₹143,367/10 gm
Silver 999 Fine rate in Hyderabad — ₹266,980/1 kg
Gold Prices in Chennai — 28 May
24 karat gold rate in Chennai — ₹156,610/10 gm
22 karat gold rate in Chennai — ₹143,559/10 gm
Silver 999 Fine rate in Chennai — ₹268,100/1 kg