Gold Rates & Silver Rates Today (06/05/2026) Live: MCX Gold & Silver Price May Rise; 24K, 22K, 18K Gold Prices

Gold rates and silver rates could rise in India on May 6, amidst positive performance in the international market after hopes of de-escalation in the Middle East surfaced. US President Donald Trump has declared a temporary pause to Operation Freedom, under which the US Navy assisted stranded vessels in exiting the Strait of Hormuz. This is due to gauging whether a deal with Iran can be made, resulting in end of the conflict.

Also, Defense Secretary Hegseth affirmed that the ceasefire that was established a month ago continued to be in place, while State Rubio said that the offensive operations have ended as Washington pivots toward safeguarding shipping routes in the Strait of Hormuz, as per Trading Economics. Notably, the naval blockade on ships traveling to and from Hormuz also stays in place.

Spot gold surged by nearly 2% to trade near $4,630 per ounce, while spot silver climbed by nearly 3% to trade around $75 per ounce. On the other hand, crude oil prices plunged by 2% with US WTI crude and Brent crude holding around $100 per barrel and $108 per barrel. US dollar also fell towards 98, halting its three consecutive days rally, which further supports safe haven assets like gold. {live-blog}