Gold Rate Today in India, May 7: 24K, 22K Yellow Metal Extends Rally Amid Global Tensions, Silver Prices Rises

Gold prices in India jumped for the second consecutive day this morning after the sharp correction seen earlier this week. The rebound in gold rate today 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.

"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. Additionally, the crude oil market is experiencing upward momentum, with WTI crude priced at $95.66 per barrel (about Rs.9,070), reflecting a 0.61% increase, as traders remain focused on geopolitical developments that could impact supply chains," said Gaurav Garg.

Gold Prices in India Today

On Thursday, 7th May, the 22-karat gold rate in India jumped by Rs.300 per 10 grams to cost Rs.1,39,750 per 10 grams. While the 24-carat gold prices today zoomed by Rs.330, they are at Rs.1,52,460 per 10 grams. Similarly, the 18-carat gold rate today retails at Rs. 1,14,340 which spiked by Rs 200 per 10 grams.

Similarly, 100 grams of 22-carat gold stands at Rs 13,97,500 after rising Rs 0300. While the 24-carat gold price in India per 100 grams is now retailing at Rs.15,24,600, which Jumped by Rs.2000.

MCX Gold and Silver Futures Update

Gold futures prices on the Multi Commodity Exchange (MCX), expected to mature on June 5, 2026, rose by 0.54% and were trading at Rs. 1,52,950 per 10 grams. Similarly, silver futures, with an expiry date of July 3rd, also jumped by 1.67% to trade at Rs.2,57,500.

City-Wise Gold Rates Today

Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored the sharp drop in gold rates in India. Here's the latest city-wise update on 22-carat and 24-carat gold rates on 7th May.

In Chennai, the 24-carat gold rate stands at Rs. 142,040 after falling by Rs. 870 per 10 grams, while the 22-carat gold price in Chennai is Rs. 130,200, which dropped by 800 per 10 grams today.

In Bangalore, the gold rate for 24-carat is Rs.1,52,460 per 10 grams, and the 22-carat gold rate in Bangalore is Rs.1,39,750 per 10 grams.

In Hyderabad, the 24K gold price is Rs.1,52,460 per 10 grams, and the 22K gold rate in Hyderabad is Rs.1,39,750 per 10 grams.

In Mumbai, the 22-carat gold rate is Rs.1,39,750 per 10 grams, while the 24-carat gold price in Mumbai remains at Rs.1,52,460 per 10 grams.

Silver Price Movement in India

Silver prices in India on Thursday May 7th, also jumped for the second consecutive day.Currently 1 kg of silver in India costs Rs. 2,70,000 after rising by Rs.5000. While 100 g of silver rates in India cost Rs 27,000, which is up by Rs 500 today.

Market Outlook for Gold Prices

"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. On the macro front, April's ADP print of 109K beat expectations, signalling resilient US labour demand, while CME FedWatch data keeps a Fed rate hike in play for year-end. 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." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation