Domestic gold and silver rates showed little movement on May 1, 2026, as investors balanced rising geopolitical tensions in West Asia with evolving cues from the US dollar. Although often viewed as safe-haven assets during turbulent times, the precious metals did not register any sharp rally, indicating caution among buyers alongside steady local demand.
Retail prices for 24-carat gold stood at around ₹15,067 per gram, while 22-carat gold was trading near ₹13,811 per gram. In the bullion market, silver was quoted at approximately ₹2,49,900 per kilogram. Minor variations in pricing across regions continued to reflect differences in local taxes, transportation costs, and retail margins.
City-wise gold rates per gram were as follows:
Delhi: 24K at ₹15,082, 22K at ₹13,826, 18K at ₹11,315
Mumbai: 24K at ₹15,067, 22K at ₹13,811, 18K at ₹11,300
Chennai: 24K at ₹15,383, 22K at ₹14,101, 18K at ₹11,776
Kolkata: 24K at ₹15,067, 22K at ₹13,811, 18K at ₹11,300
Analysts pointed out that Indian bullion prices are largely influenced by international spot rates, the rupee-dollar exchange rate, government import duties, and seasonal jewellery demand. The approaching wedding and festival seasons in various parts of the country have provided some support to retail offtake, preventing steeper declines.
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Silver maintained its elevated position compared to long-term averages, supported by both industrial usage and investment interest. The metal, widely used in manufacturing, tends to display higher volatility than gold amid economic fluctuations.
Silver rates across major cities (per 10 grams / per kg):
Delhi: ₹2,499 / ₹2,49,900
Mumbai: ₹2,499 / ₹2,49,900
Chennai: ₹2,599 / ₹2,59,900
Kolkata: ₹2,499 / ₹2,49,900
On the Multi-Commodity Exchange (MCX) in the April 30 session, gold futures recorded a modest rise, closing at ₹1,51,255 with a gain of about 0.08%. Silver futures advanced 0.7% to settle at ₹2,38,790 per kilogram. Despite these slight gains, broader market sentiment suggested some downward pressure, with silver witnessing a relatively sharper correction in recent trading.
Market observers expect future movements in precious metals to hinge on forthcoming macroeconomic indicators, currency trends, and developments in the global geopolitical arena. Domestic requirements, particularly from the jewellery sector, are likely to remain a key factor in the near term.
