Gold and silver prices on May 12: 24k Gold rate falls below ₹95,000 as US-China reach trade deal; check latest prices

Gold prices are down substantially in the domestic markets on Monday, May 12. At 9:30 am, the 24K gold rate in the local market stood at ₹94,550 per 10 gram, down ₹2,350/ 10 gram compared to yesterday’s closing, while 22K gold was at ₹86,671 per 10 gram.

The yellow metal trades lower in India, reacting to fall in global prices after successful trade deal talks between US and China. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer said that they had reached a trade deal with China after talks in Switzerland, although they did not specify any details on the agreement.

Both countries are expected to announce the deal in a joint statement soon. This de-escalation trade tension between US and China draw down the demand for safe assets as investors moved away from gold to more risker assets like equities.

Besides this ease in geopolitical tensions between India and Pakistan after both countries agreed to ceasefire also reduced appeal for the gold. Meanwhile, rise in US dollar index also put bullions in pressure. A higher dollar tends to lower demand for gold, as it makes the metal more expensive to investors holding foreign currencies.

In New Delhi markets, the 24K gold rate stood at ₹94,060 per 10 gram and 22K gold at ₹88,348 per 10 gram.

Gold Price Today in Major Cities:

*Gold rate as of 10:00 am

MCX Gold futures trading in line with movement witnessed in international markets. As of 10:00 am, the MCX Gold June future was down 2.6% at ₹93,986 per 10 gram, with a day high of ₹95,500 and day low of ₹93,920. In the US markets, Gold futures for June delivery were trading 1.8% or $61 lower at $3,281 an ounce.

Silver Price Today in India (May 12, 2025)

Silver prices are also down in the domestic market, around ₹96,310 per kg, down 0.6%. Meanwhile, MCX Silver for July delivery trades 0.5% lower at ₹96,188 per kg as of 10:00 am, while international silver prices trade around $33 per troy ounce, up 0.50%.

Silver Price Today in Major Cities:

*Silver rate as of 10:00 am