According to latest MCX data, MCX gold June futures were 1.44% up at ₹1,51,200 per 10 grams around 9:13 am on May 1, 2026, as reported by Live Mint. This represents a significant increase from the previous session's performance, where gold June contracts had gained 0.07% to ₹1,50,277 per 10 grams. MCX silver July futures were 2.4% up at ₹2,38,790 per kg during the same session. The precious metals market showed strong momentum as gold prices have declined by more than 5% since the US-Iran war began on February 28, though prices have remained volatile as the conflict continues. This represents a substantial recovery from the previous session's performance.
The precious metals market is currently focused on the US Federal Reserve's expected decision to keep interest rates unchanged at 3.5%-3.75% range following their recent meeting, as reported by Live Mint. The Fed maintained current rates as elevated crude oil prices and geopolitical tensions driven by the US-Iran conflict have raised the risk of further inflation, which is already above the central bank's target level. This policy decision comes as Jerome Powell is expected to make his final meeting as Federal Reserve chair, adding significance to the outcome. However, gains in precious metals were capped as crude oil prices vaulted to levels last seen four years ago, raising inflation fears and dimming the prospects of near-term interest rate cuts.
Significant geopolitical developments continue to influence precious metals markets, with US President Donald Trump announcing plans to blockade Iran until it agrees to a nuclear deal, as reported by Live Mint. Trump stated that his blockade would cause Iran's oil industry to "explode" this week, though analysts note that Iran has enough oil storage to cover at least a month's worth, possibly longer, giving Tehran time to ramp down production without damaging its fields. The US-Iran war situation remains unsettled despite a fragile ceasefire, while Trump is facing a 60-day congressional deadline for the Iran war. The ceasefire held, but both sides signalled readiness for further escalation, contributing to the current volatility in commodity prices.
According to latest Live Mint data, 24-karat gold rates vary significantly across major Indian cities on May 1, 2026. Mumbai shows the highest rates at ₹1,51,380 per 10 grams for 24-karat gold, followed by Chennai at ₹1,51,820 per 10 grams. Delhi offers rates at ₹1,51,120 per 10 grams, while Hyderabad and Bengaluru both show rates at ₹1,51,620 and ₹1,51,500 per 10 grams respectively. 22-karat gold rates range from ₹1,38,765 in Mumbai to ₹1,39,168 in Chennai, with Delhi at ₹1,38,527 per 10 grams. Silver 999 fine rates across major cities range from ₹2,44,020 in Kolkata to ₹2,45,060 in Chennai, with Mumbai and Delhi both offering rates at ₹2,44,340 and ₹2,43,920 per kilogram respectively.
According to Live Mint, volatility in commodity prices is likely to persist due to ongoing geopolitical developments and Federal Reserve policy uncertainty. The US-Iran war situation remains unsettled despite a fragile ceasefire, while futures linked to the S&P 500 were flat Tuesday night as traders await quarterly earnings from major companies. Retail customers must note that jewellers may add making charges, taxes, and GST to the bill, which could hike the final price of gold units. The combination of geopolitical tensions, Federal Reserve policy decisions, and elevated crude oil prices continues to influence precious metal pricing across global markets, with recent developments showing US-Iran peace hopes and easing inflationary concerns are undermining the USD, providing additional support to precious metals.
