Gold prices witnessed a decline on the Multi Commodity Exchange (MCX) on May 27, 2026, as market sentiments turned bearish. The precious metal opened lower amid global cues and a stronger dollar index. Silver also faced a sharp drop, slipping by Rs 4,428 per kilogram.
Gold and Silver Performance on MCX
On MCX, gold futures for June 2026 delivery were trading lower by Rs 250 at Rs 71,250 per 10 grams. The contract had opened at Rs 71,500, compared to the previous close of Rs 71,500. Silver futures for July 2026 delivery plunged by Rs 4,428 to Rs 85,000 per kg, from the previous close of Rs 89,428.
Key Levels for Gold and Silver
Analysts indicate that gold has immediate support at Rs 71,000 and resistance at Rs 71,800. For silver, support is seen at Rs 84,500 and resistance at Rs 86,200. A breach below these levels could trigger further downside.
City-Wise Gold and Silver Rates
Here are the rates for 24-carat gold and silver in major Indian cities on May 27:
- Delhi: Gold Rs 71,350/10g, Silver Rs 85,200/kg
- Mumbai: Gold Rs 71,200/10g, Silver Rs 85,000/kg
- Chennai: Gold Rs 71,400/10g, Silver Rs 85,500/kg
- Kolkata: Gold Rs 71,250/10g, Silver Rs 85,100/kg
The drop in prices was attributed to a strengthening US dollar and expectations of further interest rate hikes by the Federal Reserve. Global gold prices also eased, with spot gold trading near $1,960 per ounce.
Investors are advised to monitor global economic data and central bank policies for further direction. Physical demand in India, the world's second-largest gold consumer, may pick up during the upcoming wedding season, providing some support to prices.
