Gold and Silver Rate Today May 7:Gold and silver prices experienced a sudden increase on May 7 because both domestic and international bullion markets showed strong upward movement. This is resulted from international market conditions and declining dollar values and increased demand for safe investments. Gold futures on the Multi Commodity Exchange (MCX) rose significantly while silver prices jumped more than ₹11,000 per kilogram.
According to bullion market data 24K gold prices in India reached the ₹1.52 lakh threshold per 10 grams in multiple cities while silver prices maintained a range of ₹2.65 lakh per kilogram in major retail outlets.
MCX Gold and Silver Prices Today
Gold futures for June delivery on the MCX started the day at ₹1,51,800 to ₹1,52,000 per 10 grams while maintaining the upward momentum from the previous day. The silver futures experienced a strong price increase which brought them to approximately ₹2.51 lakh per kilogram after the market experienced one of its largest single-day price increases in recent weeks.
Gold & Silver Prices Drop in India (May 6): Latest City-wise Rates, MCX & Global Prices
Gold and Silver Rate Today May 7
- 24K Gold: ₹1,52,290 per 10 gm
- 22K Gold: ₹1,39,610 per 10 gm
- 18K Gold: ₹1,14,300 per 10 gm
- Silver: ₹2,65,100 per kg
Mumbai
- 24K Gold: ₹1,52,140 per 10 gm
- 22K Gold: ₹1,39,460 per 10 gm
- 18K Gold: ₹1,14,150 per 10 gm
- Silver: ₹2,65,100 per kg
Chennai
- 24K Gold: ₹1,52,770 per 10 gm
- 22K Gold: ₹1,40,200 per 10 gm
- 18K Gold: ₹1,15,300 per 10 gm
- Silver: ₹2,70,000 per kg
- 24K Gold: ₹1,52,140 per 10 gm
- 22K Gold: ₹1,39,460 per 10 gm
- 18K Gold: ₹1,14,150 per 10 gm
- Silver: ₹2,65,100 per kg
Bengaluru
- 24K Gold: ₹1,52,140 per 10 gm
- 22K Gold: ₹1,39,460 per 10 gm
- 18K Gold: ₹1,14,150 per 10 gm
- Silver: ₹2,65,100 per kg
Hyderabad
- 24K Gold: ₹1,52,140 per 10 gm
- 22K Gold: ₹1,39,460 per 10 gm
- 18K Gold: ₹1,14,150 per 10 gm
- Silver: ₹2,65,100 per kg
Chandigarh
- 24K Gold: ₹1,52,290 per 10 gm
- 22K Gold: ₹1,39,610 per 10 gm
- 18K Gold: ₹1,14,300 per 10 gm
- Silver: ₹2,65,000 per kg
Jaipur
- 24K Gold: ₹1,52,290 per 10 gm
- 22K Gold: ₹1,39,610 per 10 gm
- Silver: ₹2,65,000 per kg
Lucknow
- 24K Gold: ₹1,52,290 per 10 gm
- 22K Gold: ₹1,39,610 per 10 gm
- Silver: ₹2,65,000 per kg
Patna
- 24K Gold: ₹1,52,290 per 10 gm
- 22K Gold: ₹1,39,610 per 10 gm
- Silver: ₹2,65,000 per kg
Silver Prices Today Across India
Silver prices stayed high throughout all major urban centers. The silver prices in Delhi, Mumbai, Bengaluru, Hyderabad, and Kolkata reached approximately ₹2,65,000 per kilogram while Chennai showed slightly elevated prices at approximately ₹2,70,000 per kilogram.
Global Gold and Silver Prices
The international market showed spot gold prices remaining close to one-week highs at approximately $4,688 per ounce while US gold futures approached a value of $4,696 per ounce. Spot silver prices stayed around $77 per ounce.
Reuters stated that investors are monitoring US-Iran peace talks and upcoming US economic data because these factors will determine how the US Federal Reserve will adjust interest rates in the future.
Market Outlook
Commodity analysts predict that bullion prices will experience extreme price swings during upcoming trading sessions. Traders will monitor global economic indicators and crude oil prices and central bank statements and geopolitical events. The ongoing uncertainty will lead to continued strong global investor interest in gold and silver.
