Gold prices in India reached significant milestones with 24 karat gold at ₹1,52,350 per 10 grams and 22 karat gold at ₹1,39,650 per 10 grams as of Sunday, May 10. According to Goodreturns data, the 24 karat gold rate has surged by ₹27,300 per 100 grams in seven days, demonstrating the rapid pace of price appreciation. Silver maintained its position at ₹2,75 per gram and ₹2,75,000 per kilogram, showing stability after experiencing massive volatility in January and February 2026. However, gold prices fell on Monday as stalled U.S.-Iran peace talks pushed oil prices higher, raising inflation and interest rate hike fears. On the Multi Commodity Exchange (MCX), gold futures had gained nearly 1% last week to settle at ₹1.52 lakh per 10 grams, while silver surged 4.4% to ₹2.61 lakh per kg. Latest international data shows spot gold fell 0.6% at $4,684.32 per ounce and US gold futures for June delivery lost 0.8% at $4,692.70 as of 0223 GMT.
International gold prices showed strength with COMEX gold trading at $4,703.80 per ounce, down 0.57% on Monday, as reported by CNBC TV18. The precious metal gained momentum last week due to renewed investor interest amid optimism surrounding a potential Iran-US deal. However, gold prices fell as a lack of progress in U.S.-Iran peace negotiations pushed oil prices higher, with Brent crude futures climbing over 3% to $104.67 a barrel and US crude rising to $98.82 a barrel after US President Donald Trump rejected Iran's response to a proposed peace framework. Reports suggested Tehran sought sanctions relief, reparations and recognition of its control over the Strait of Hormuz. Oil prices jumped as the Strait of Hormuz remained largely closed, keeping global energy supplies tight, with the ongoing war with Iran and its shock to oil prices and supplies rocketing to the top of concerns for financial stability according to a semi-annual Federal Reserve report. In contrast, COMEX silver rose 0.48% to $81.255 per ounce, showing resilience despite the broader precious metals decline.
According to Augmont Bullion Daily report, gold is likely to see an upward trend with persistent buying interest, having recovered from the $4,500-4,550 support zone with resistance now targeted at $4,800-4,850 (~₹1,55,000). For silver, the report indicates silver has met the $78 upside target with subsequent resistance levels at $80 (₹2,60,000) and $82 (₹2,65,000). However, analysts expect gold and silver prices to remain range-bound this week as traders track developments in US-Iran peace negotiations along with inflation and GDP data from major economies. "In the near-to-medium term, the $4,400 to $4,800 range still looks firmly in play while we remain in this ceasefire-without-a-peace-deal stalemate," said Tim Waterer, chief market analyst at KCM Trade. "We're essentially seeing an unwinding of hopes for an imminent (peace) deal, and gold is feeling the pinch from the renewed rise in crude prices," he added. According to Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services, gold prices are witnessing a consolidative trend, while silver may continue to outperform amid improving industrial demand and supply tightness.
Both gold and silver experienced significant volatility last week, with gold prices dipping below their one-month mark before staging a strong recovery by week's end. Silver rate in India saw massive volatility in January and February where the white metal experienced a massive rally in the first month of 2026 followed by a steep crash in the second month. Gold demand in India was muted last week, as a price recovery prompted potential buyers to postpone purchases, while China premiums remained steady on safe-haven demand. Meanwhile, China's gold production fell in the first quarter of 2026 versus the same period a year earlier due to safety inspections that led some smelters to suspend production for maintenance. The dollar index strengthened amid risk aversion, with the Japanese yen and euro weakening against the greenback, making bullion more expensive for holders of other currencies. Spot silver rose 0.7% at $80.88 per ounce, while platinum slid 0.6% to $2,042.71 and palladium was down 0.4% at $1,484.99 in latest trading.
