Gold, Silver Prices Today (11-05-2026): Why Did Spot Gold, MCX Gold, Spot Silver, MCX Silver Rates Drop?

Gold rates and silver rates across the globe, including in India, are under pressure. MCX gold is trading below Rs 1.52 lakh mark, while spot gold price is struggling around $4,650 per ounce. Meanwhile, spot silver erased its early gains to trade below $80 mark and MCX silver followed the trend with nearly Rs 1,000 drop in the early trade. A host of factors are impacting both gold and silver prices today. Let's find out!

MCX Gold Price Today

At the time of writing, MCX gold price traded at Rs 1,51,558 per 10 grams, down by Rs 972 or 0.64% which is near its intraday low of Rs 1,51,500 per 10 grams. This is after spot gold crashed by more than 1%.

Spot Gold Price Today

Spot gold has currently plummeted by 1.35 to trade at $4,650 per ounce. This bullion has touched an intraday low of $4,648.30 per ounce.

Why Gold Rates Are Down Today?

Currently, safe haven like gold faced selling pressure as crude oil prices witnessed new upside momentum due to the latest development in Middle East conflict. US WTI Crude oil is up by 4.5% to trade near 100 per barrel mark, while Brent Crude surged by over 4% to reach near 106 per barrel mark. Also, steady dollar added to woes in gold.

In the latest development at Middle East conflict, Israeli Prime Minister Benjamin Netanyahu said that war with Iran is not over. Meanwhile, US President Donald Trump rejected Iran's renewed peace proposal for ending the conflict. Trump said, "I have just read the response from Iran's so-called "Representatives." I don't like it - TOTALLY UNACCEPTABLE!"

This has reduced the hopes of a near-term peace deal between US and Iran, further intensifying energy crisis and inflation worries.

Also, Kedia Advisory highlighted that despite recent exchanges of fire between the US and Iran, both sides indicated that the month-long ceasefire remained intact, helping stabilize market sentiment. Investors also assessed the latest US labor market data, which showed the economy added 115,000 jobs last month, significantly above expectations of 62,000, highlighting continued resilience in the US economy.

Following the data, markets slightly reduced expectations for Federal Reserve rate hikes by December, with CME FedWatch showing probabilities easing to around 14%.

It needs to be noted that gold prices have plunged over 10% since US-Israel-Iran conflict escalated in late February, largely due to rising oil prices that intensified inflation concerns and strengthened expectations of higher interest rates.

However, the experts of Kedia Advisory also believes that ongoing central bank buying continued to provide underlying support to bullion. China's central bank increased its gold reserves for the eighteenth consecutive month, with holdings rising to 74.64 million fine troy ounces by the end of March. Physical demand trends remained mixed across major consuming nations.

In India, gold demand stayed subdued as higher prices discouraged retail buying ahead of the wedding season. Dealers offered discounts of up to $15 per ounce over official domestic prices, while April gold imports are expected to fall to a near 30-year low of around 15 metric tons due to unexpected tax-related disruptions for banks. In contrast, China maintained firm premiums between $14 and $20 per ounce, supported by safe-haven demand.

Additionally, the World Gold Council reported that India's investment demand for gold surged 52% year-on-year during the March quarter to 82 metric tons, surpassing jewellery demand for the first time on record. Globally, gold demand rose 2% year-on-year to 1,230.9 metric tons during the first quarter of 2026.

MCX Silver Price Today:

Silver rates also faced selling pressure on May 11. At the time of writing, MCX silver traded at Rs 2,61,700 per 1Kg, down by Rs 222 or 0.08%. The silver is near its intraday low of Rs 2,60,986 per 1Kg. In the early trade, silver traded higher to hit an intraday high of Rs 2,64,922 before erasing gains.

Spot Silver Price Today

Spot silver also dropped to hit an intraday low of $79.1085 per ounce. Currently, spot silver is struggling to hold around 80 mark. This comes after spot silver surged by 1% to hit an intraday high of $81.6360 per ounce.

Why Silver Rates Are Under Pressure?

For the early gains, Kedia Advisory pointed out that market sentiment improved after stronger-than-expected US employment data reinforced confidence in the resilience of the American economy. Data showed that US employment increased more than expected in April, while the unemployment rate remained steady at 4.3%, indicating continued strength in the labor market.

Following the report, expectations for another Federal Reserve rate hike this year eased, with the CME FedWatch tool showing the probability declining to around 14% from nearly 22% a day earlier. Federal Reserve officials maintained a cautious tone regarding inflation. San Francisco Fed President Mary Daly reiterated the commitment to returning inflation to the central bank's 2% target and noted that rising energy prices had not yet influenced medium or long-term inflation expectations.

Also, hicago Fed President Austan Goolsbee warned that inflation had accelerated since the start of the Middle East conflict and was not moving consistently toward the Fed's target.

"Geopolitical tensions remained elevated as US and Iranian forces clashed again in the Gulf region and the UAE faced renewed attacks," analysts added.

Also, strong physical demand from China continued to support silver prices. China's March silver imports surged to a record 836 metric tons, nearly three times the historical March average. Demand was driven by retail investors shifting toward silver as an alternative to expensive gold and aggressive stockpiling by photovoltaic manufacturers ahead of export tax rebate changes.

But silver corrected on broader bearish tone in gold and equities.

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