Gold prices in India jumped for the second consecutive day on Thursday, May 7, after experiencing a sharp correction earlier this week. According to reports from Goodreturns, the rebound has brought buyers back to jewellery stores and bullion markets across the country. Many Indian consumers who had postponed purchases due to elevated gold prices have now returned to the market in large numbers following the recent dip. Increased retail buying demand, along with rising global precious metal prices, has supported the latest recovery in domestic gold rates.
On Thursday, May 7, 24-carat gold prices jumped by ₹330 per 10 grams to reach ₹1,52,460 per 10 grams, while 22-carat gold rates increased by ₹300 to ₹1,39,750 per 10 grams. The 18-carat gold rate retails at ₹1,14,340, which spiked by ₹200 per 10 grams. As reported by Goodreturns, 100 grams of 22-carat gold stands at ₹13,97,500 after rising ₹300, while the 24-carat gold price in India per 100 grams is now retailing at ₹15,24,600, which jumped by ₹2,000. According to Gaurav Garg, the increase in precious metals is largely attributed to easing tensions in the Middle East, particularly surrounding the US-Iran conflict, which has lifted market sentiment and bolstered safe-haven demand.
On the Multi Commodity Exchange (MCX), gold futures prices rose by 0.54% and were trading at ₹1,52,950 per 10 grams for contracts maturing on June 5, 2026. Silver futures demonstrated stronger performance, increasing by 1.21% to ₹2,56,333 per kilogram with a business turnover of 1,053 lots for July delivery. As reported by The Hindu BusinessLine, silver futures rose ₹3,068 or 1.21% amid uncertainty over West Asia peace deal. In the overseas market, Comex silver futures increased 0.78% to $77.97 per ounce. Silver prices in India also jumped for the second consecutive day, with 1 kg of silver now costing ₹2,70,000 after rising by ₹5,000, while 100 grams of silver rates in India cost ₹27,000, which is up by ₹500.
Major metropolitan cities in India mirrored the sharp drop in gold rates, with Chennai showing the 24-carat gold rate at ₹1,42,040 after falling by ₹870 per 10 grams, while the 22-carat gold price in Chennai is ₹1,30,200, which dropped by ₹800 per 10 grams. In Bangalore, the 24-carat gold rate is ₹1,52,460 per 10 grams, and the 22-carat gold rate in Bangalore is ₹1,39,750 per 10 grams. In Hyderabad, the 24K gold price is ₹1,52,460 per 10 grams, and the 22K gold rate in Hyderabad is ₹1,39,750 per 10 grams. In Mumbai, the 22-carat gold rate is ₹1,39,750 per 10 grams, while the 24-carat gold price in Mumbai remains at ₹1,52,460 per 10 grams.
According to Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., gold and silver rallied sharply rising ~3% and 6% respectively as US-Iran de-escalation prospects weighed on oil prices and eased inflation fears. Diplomatic progress is accelerating, with both sides close to a 14-point framework covering nuclear curbs and phased sanctions relief. The crude oil market is experiencing upward momentum, with WTI crude priced at $95.66 per barrel (about ₹9,070), reflecting a 0.61% increase. Technically, gold targets the $4,800-4,850 resistance band after bouncing from support, while silver, having hit $78, eyes $80 and $82 as the next upside levels. Fresh positions built up by participants led to the rise in silver prices, with analysts attributing the increase to uncertainty over West Asia peace deal.
