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Gold and silver prices in India showed stability on Saturday, May 2, 2026. Even though prices have dropped slightly over the last few days, gold is staying well above the Rs. 1.5 lakh mark. The stability is notable given that the US-Iran conflict and global energy crisis continue to worsen, weighing on markets.
In India, 24-karat gold is selling for about Rs. 151,810 per 10 grams. At the same time, 22-karat gold is priced at Rs. 139,159. Silver also showed strength at Rs. 251,170 per kilogram at press time. The Multi-Commodity Exchange (MCX) is closed for the weekend. Physical gold prices in local shops would be based on the last closing levels.
Prices vary slightly from city to city as a result of local taxes and transportation costs. Here are the retail rates for major Indian cities today:
Gold prices fell sharply in international markets over the past few days. Investors feel wary about rising oil prices and inflation as the Strait of Hormuz blockade continues. When inflation risks go up, central banks are less inclined to cut interest rates.
Since gold does not pay any interest, high rates make it less attractive to investors. In fact, gold has lost nearly 14% of its value since this conflict began in late February 2026.
Also Read: Is it a Good Time to Invest in Gold as Prices Rise? Pros and Risks
The current price of gold is incredibly high compared to previous years, making it difficult for middle-class families to buy jewelry. The ongoing war and global tensions remain the main drivers behind these huge price hikes. While gold is a safe bet during tough times, the current volatility means buyers should be careful before making big purchases.
