Gold & Silver Prices Today (May 7, 2026): Latest 24K and 22K Rates in Delhi, Mumbai, Chennai, and Hyderabad
Gold and silver prices opened sharply higher on the Multi Commodity Exchange (MCX) on Thursday, driven by a softer US dollar and rising hopes of a peace deal between the United States and Iran.
Investor sentiment improved after Iran confirmed it was reviewing a US-backed peace proposal aimed at ending the ongoing conflict. Reports suggest the proposed agreement could formally stop the war, although major issues such as Iran’s nuclear programme and the reopening of the Strait of Hormuz are still unresolved.
Silver Jumps Strongly on MCX
Silver continued its rally in the domestic market after a strong previous session. MCX silver futures for July 2026 delivery surged by Rs 3,800, or 1.5%, to Rs 2,57,055 per kg. In the last trading session, silver had already gained nearly 4%.
Gold futures for June 2026 delivery also moved higher, climbing Rs 755, or 0.5%, to Rs 1,52,887 per 10 grams.
Market experts believe easing geopolitical tensions and a weaker dollar are supporting precious metals, even as investors stay cautious ahead of key US economic data.
Global Gold Prices Stay Firm
Internationally, spot gold rose 0.3% to $4,701.19 per ounce after touching its highest level since April 27 in the previous session. US gold futures also edged up to $4,710 per ounce.
Among other precious metals, spot silver gained 0.5% to $77.68 per ounce. Platinum remained largely unchanged at $2,060.18, while palladium slipped slightly to $1,536.54 per ounce.
Meanwhile, crude oil prices cooled slightly after recent spikes. However, elevated oil prices continue to fuel inflation concerns, increasing fears of higher interest rates globally.
What Should Investors Do?
According to commodity expert Manoj Kumar Jain, gold and silver prices may remain volatile this week due to fluctuations in the dollar index, crude oil movement, and the upcoming US non-farm payroll data.
He said gold has support near $4,634-4,580 per ounce and resistance around $4,740-4,800. Silver support is seen at $75.50-72.40, while resistance stands at $80-82.40 per ounce.
On MCX, gold support is placed at Rs 1,51,500-1,50,700, while resistance is likely near Rs 1,53,150-1,54,200. Silver support is seen at Rs 2,49,100–2,45,500, with resistance around Rs 2,58,000-2,61,000.
Jain advised traders to book profits in existing long positions and wait for price corrections before making fresh investments ahead of the US payroll data release.
Gold Prices in Major Indian Cities
Delhi
22-carat gold: Rs 1,11,688 per 8 grams
24-carat gold: Rs 1,21,832 per 8 grams
Mumbai
22-carat gold: Rs 1,11,568 per 8 grams
24-carat gold: Rs 1,21,712 per 8 grams
Chennai
22-carat gold: Rs 1,12,808 per 8 grams
24-carat gold: Rs 1,23,064 per 8 grams
Hyderabad
22-carat gold: Rs 1,11,568 per 8 grams
24-carat gold: Rs 1,21,712 per 8 grams
Gold and silver prices remained on the rise as global investors reacted to a weaker dollar and fresh optimism over a possible US-Iran peace agreement. While market sentiment continues to support precious metals, experts expect volatility ahead of key US economic data. Traders are advised to stay cautious and watch global cues closely before making fresh investments.
Disclaimer: Gold and silver prices are subject to market fluctuations and may vary by city and jeweller. The rates mentioned are indicative and do not include making charges, GST, or other applicable taxes. Readers are advised to check with local jewellers or financial experts before making any purchase or investment decisions.
Investor sentiment improved after Iran confirmed it was reviewing a US-backed peace proposal aimed at ending the ongoing conflict. Reports suggest the proposed agreement could formally stop the war, although major issues such as Iran’s nuclear programme and the reopening of the Strait of Hormuz are still unresolved.
Silver Jumps Strongly on MCX
Silver continued its rally in the domestic market after a strong previous session. MCX silver futures for July 2026 delivery surged by Rs 3,800, or 1.5%, to Rs 2,57,055 per kg. In the last trading session, silver had already gained nearly 4%.Gold futures for June 2026 delivery also moved higher, climbing Rs 755, or 0.5%, to Rs 1,52,887 per 10 grams.
Market experts believe easing geopolitical tensions and a weaker dollar are supporting precious metals, even as investors stay cautious ahead of key US economic data.
Global Gold Prices Stay Firm
Internationally, spot gold rose 0.3% to $4,701.19 per ounce after touching its highest level since April 27 in the previous session. US gold futures also edged up to $4,710 per ounce. Among other precious metals, spot silver gained 0.5% to $77.68 per ounce. Platinum remained largely unchanged at $2,060.18, while palladium slipped slightly to $1,536.54 per ounce.
Meanwhile, crude oil prices cooled slightly after recent spikes. However, elevated oil prices continue to fuel inflation concerns, increasing fears of higher interest rates globally.
What Should Investors Do?
According to commodity expert Manoj Kumar Jain, gold and silver prices may remain volatile this week due to fluctuations in the dollar index, crude oil movement, and the upcoming US non-farm payroll data.He said gold has support near $4,634-4,580 per ounce and resistance around $4,740-4,800. Silver support is seen at $75.50-72.40, while resistance stands at $80-82.40 per ounce.
On MCX, gold support is placed at Rs 1,51,500-1,50,700, while resistance is likely near Rs 1,53,150-1,54,200. Silver support is seen at Rs 2,49,100–2,45,500, with resistance around Rs 2,58,000-2,61,000.
Jain advised traders to book profits in existing long positions and wait for price corrections before making fresh investments ahead of the US payroll data release.
Gold Prices in Major Indian Cities
Delhi
22-carat gold: Rs 1,11,688 per 8 grams
24-carat gold: Rs 1,21,832 per 8 grams
Mumbai
22-carat gold: Rs 1,11,568 per 8 grams
24-carat gold: Rs 1,21,712 per 8 grams
Chennai
22-carat gold: Rs 1,12,808 per 8 grams
24-carat gold: Rs 1,23,064 per 8 grams
Hyderabad
22-carat gold: Rs 1,11,568 per 8 grams
24-carat gold: Rs 1,21,712 per 8 grams
Gold and silver prices remained on the rise as global investors reacted to a weaker dollar and fresh optimism over a possible US-Iran peace agreement. While market sentiment continues to support precious metals, experts expect volatility ahead of key US economic data. Traders are advised to stay cautious and watch global cues closely before making fresh investments.
Disclaimer: Gold and silver prices are subject to market fluctuations and may vary by city and jeweller. The rates mentioned are indicative and do not include making charges, GST, or other applicable taxes. Readers are advised to check with local jewellers or financial experts before making any purchase or investment decisions.
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