Gold prices witnessed a mild gain on the Multi Commodity Exchange (MCX) on Tuesday, while silver dropped to Rs 2.43 lakh per kg, as geopolitical tensions in the Middle East continued to influence investor sentiment. The precious metals market remained volatile amid concerns over regional instability.
Gold Prices on MCX
On MCX, gold futures for June delivery rose by Rs 112, or 0.22 percent, to Rs 51,350 per 10 grams. The yellow metal had closed at Rs 51,238 per 10 grams in the previous trading session. Analysts attributed the slight uptick to safe-haven buying amid uncertainties in the Middle East.
Gold prices in the international market also edged higher, with spot gold trading at $1,875 per ounce, up 0.3 percent. The rise was supported by a weaker US dollar and falling bond yields.
Silver Prices Decline
Silver prices, on the other hand, witnessed a decline. Silver futures for July delivery on MCX dropped by Rs 1,200, or 0.49 percent, to Rs 2,43,000 per kg. The white metal had settled at Rs 2,44,200 per kg in the previous session.
The decline in silver prices was attributed to profit-booking after recent gains. Additionally, industrial demand concerns weighed on the metal, as global economic growth fears persist.
Middle East Tensions Impact
Escalating tensions in the Middle East have been a key driver for precious metals. The ongoing conflict has led to increased demand for safe-haven assets like gold. However, silver, which has both industrial and investment uses, faced selling pressure due to its dual nature.
Market participants are closely monitoring developments in the region. Any further escalation could lead to higher volatility in bullion prices.
City-Wise Gold Rates
Here are the gold rates in major Indian cities as of May 5, 2026:
- Delhi: Rs 51,350 per 10 grams
- Mumbai: Rs 51,200 per 10 grams
- Chennai: Rs 51,450 per 10 grams
- Kolkata: Rs 51,300 per 10 grams
- Bengaluru: Rs 51,250 per 10 grams
- Hyderabad: Rs 51,280 per 10 grams
- Ahmedabad: Rs 51,220 per 10 grams
- Jaipur: Rs 51,330 per 10 grams
City-Wise Silver Rates
Silver prices in major cities:
- Delhi: Rs 2,43,500 per kg
- Mumbai: Rs 2,43,000 per kg
- Chennai: Rs 2,44,000 per kg
- Kolkata: Rs 2,43,200 per kg
- Bengaluru: Rs 2,43,100 per kg
- Hyderabad: Rs 2,43,300 per kg
- Ahmedabad: Rs 2,42,800 per kg
- Jaipur: Rs 2,43,400 per kg
Outlook
Analysts expect gold prices to remain supported by geopolitical risks and a dovish stance from central banks. Silver may continue to face headwinds from industrial demand concerns. Investors are advised to keep an eye on global cues and trade with caution.
