New Delhi: The gold prices after Modi’s Gold Buying Appeal have witnessed notable movement in domestic and international markets. After Prime Minister Narendra Modi urged citizens to avoid purchasing gold for one year, the bullion market showed immediate reactions.
On 11 May, gold prices experienced slight pressure. However, on 12 May, the Multi Commodity Exchange (MCX) showed a clear upward trend again.
MCX Gold and Silver Prices Surge
The gold prices after Modi’s gold buying appeal increased by ₹286, reaching ₹153,949 per 10 grams on MCX.
Similarly, silver prices also saw a sharp rise. Silver increased by ₹2,244 and is now trading at ₹280,555 per kilogram.
This movement indicates that the market continues to remain highly volatile despite policy-related appeals.
Global Market Trends Influence Prices
Internationally, the gold prices after PM Modi appeal are also influenced by global factors.
- Gold rose 0.14% to $4,735 per ounce
- Silver increased 1.05% to $86.845 per ounce
Market experts say uncertainty around global economic conditions is driving this volatility.
Interest Rate Expectations Impact Gold
One of the major reasons behind the fluctuations in gold prices after PM Modi appeal is uncertainty around US interest rates.
Investors are closely watching signals from the Federal Reserve. Persistent inflation and cautious monetary policy have reduced expectations of rate cuts.
Since gold does not generate interest income, higher interest rates generally reduce its attractiveness compared to other investments.
Market Waiting for US Economic Data
The future direction of gold prices after PM Modi appeal will depend heavily on upcoming US inflation data and Federal Reserve policy decisions.
If expectations of interest rate cuts increase, gold may receive strong support in the coming weeks.
Global Political Factors Add Uncertainty
Investors are also monitoring global geopolitical developments. Key events include:
- Donald Trump’s China visit
- Talks with Xi Jinping
- Tensions involving Iran and Taiwan
- AI and nuclear policy discussions
These factors are influencing global risk sentiment, which often increases demand for gold as a safe-haven asset.
Domestic Gold Prices Across India
The gold prices after PM Modi appeal vary across Indian cities:
24-Carat Gold Prices:
- Delhi: ₹152,270 per 10g
- Mumbai: ₹152,120 per 10g
- Kolkata, Bengaluru, Hyderabad: ₹152,120 per 10g
- Patna: ₹152,170 per 10g
22-Carat Gold Prices:
- Mumbai, Bengaluru, Hyderabad: ₹139,440 per 10g
- Delhi: ₹139,590 per 10g
Silver Prices Also Show Strong Movement
Along with gold, silver has also seen strong upward momentum in the gold prices after PM Modi’s gold buying appeal trend.
Experts say industrial demand and global uncertainty are supporting silver prices alongside gold.
Market Outlook
Analysts believe that the bullion market will remain volatile in the short term.
The gold prices after PM Modi appeal are expected to react to:
- US inflation data
- Central bank interest rate decisions
- Global geopolitical tensions
- Investor sentiment
Key Points of Modi’s gold buying appeal:
- Gold rises after PM Modi’s appeal to avoid buying gold
- MCX gold up ₹286, silver jumps ₹2,244
- Global uncertainty supports bullion demand
- US interest rate expectations drive volatility
- Prices vary across major Indian cities
