Gold Price Outlook: The price of 24 karat, 22 karat and 18 karat gold in India saw a sharp correction on Friday, May 15, where the price of silver also saw some correction after a record-breaking rally in the previous session.

The sharp correction came as the international gold rates saw a sharp weekly fall amid inflation concerns. Meanwhile, the Indian Rupee hit an all-time low mark on Friday.

The recent dip in gold prices in India has raised expectations of a further decline in the precious metal's rates on Saturday, May 16. However, the start of the weekend could bring some stability to gold prices over the next two days. Here are the key factors that may influence gold rates in India today.

Gold Rate in India

The price of 24 karat, 22 karat and 18 karat gold in India saw a sharp decline on Thursday. The rate of 24 karat gold in India stood at Rs 15,791 per gram, as per Goodreturns data on Thursday, May 15. Which means that 10 grams of 24 karat gold was priced at Rs 1,57,910 per 10 grams.

The rate of 22 karat gold in India fell to Rs 14,475 per gram, which means that the rate of per 10 grams of 22 karat gold stood at Rs 1,44,750. The rate of 18 karat gold in India fell to Rs 11,843 per gram.

Silver Rate in India

The price of silver in India was priced at Rs 290 per gram and at Rs 2,90,000 per kilogram on Friday. Silver saw a sharp surge earlier in the week, where the precious metal's rates jumped more than Rs 3,00,000 lakh per kilogram.

Gold Price Outlook

Gold price in India today may showcase range-bound movement on Saturday after seeing massive volatility earlier in the week. The precious metal's rate will be impacted by a host of factors including Rupee's weakness and slide in the international gold rates.

"Gold prices edged lower as rising oil prices, a stronger dollar and US Yields, weighed on sentiment following reports of a vessel seizure and another ship sinking. Investors remained focused on U.S.President Trump meeting Chinese President Xi Jinping in Beijing," explained Manav Modi Commodities Analyst, Motilal Oswal Financial Services Ltd.

Falling US interest rate cuts, and concerns of rising consumer inflation and surge of Benchmark 10-year U.S. Treasury has raised the opportunity cost of holding non-yielding assets such as gold, noted Modi.