New Delhi, May 6, 2026, 21:35 IST
- MCX July silver futures jumped to ₹2,52,000 a kg in early trade, while June gold futures rose to ₹1,52,182 per 10 grams.
- The move came as a weaker dollar, lower oil prices and hopes of a U.S.-Iran deal lifted global bullion markets.
- IBJA’s May 6 closing rate put 999-purity gold at ₹150,860 per 10 grams and silver at ₹249,067 per kg, up from Tuesday evening.
Indian gold and silver prices snapped higher on Wednesday, with silver leading the move as traders returned to bullion after several weak sessions.
The jump matters because it landed in both futures and physical markets. For households, jewellers and short-term traders, the day’s rise changed the price conversation quickly, even though both metals remain below their January peaks.
On the Multi Commodity Exchange, or MCX, where futures are contracts to buy or sell a commodity at a later date, silver’s July contract rose ₹7,684, or 3.1%, to ₹2,52,000 per kg. Gold’s June contract climbed ₹2,429, or 1.7%, to ₹1,52,182 per 10 grams, ETMarkets reported.
NDTV reported that gold opened at ₹1,52,000 against the previous close of ₹1,49,753 and traded at ₹1,51,838 by afternoon. Silver opened at ₹2,49,316 and later traded around ₹2,50,900.
Spot-market rates also moved up. IBJA data showed 999-purity gold closed at ₹150,860 per 10 grams on Wednesday, against ₹147,636 on Tuesday evening. Silver closed at ₹249,067 per kg, compared with ₹240,465 a day earlier.
Retail prices were higher still in several quote sheets. GoldMeter put India’s 24-carat reference rate at ₹151,310 per 10 grams and silver at ₹265,000 per kg, while noting that shop prices can differ because of local costs, GST and making charges.
Among large jewellery retailers, Tanishq listed 22-carat gold at ₹13,915 per gram on May 6, while Joyalukkas and Kalyan Jewellers quoted ₹13,870 per gram, according to ET Online. The rates compared with ₹13,715 at Tanishq and ₹13,675 at the other two a day earlier.
The global cue was clear. Reuters reported that spot gold rose 2.7% to $4,678.95 an ounce by 8:50 a.m. EDT, while spot silver gained 5.5% to $76.81. The dollar index fell 0.5%, making dollar-priced metals cheaper for buyers using other currencies.
The rupee also joined the relief trade, posting its best single-day gain in a month as Brent crude fell and investors priced in possible progress toward ending U.S.-Iran hostilities. A firmer rupee can temper the local cost of imported bullion, though the day’s futures buying overwhelmed that effect.
Peter Grant, vice president and senior metals strategist at Zaner Metals, said optimism around a U.S.-Iran deal had brought “some short-term relief” to gold, helped by lower oil and softer inflation worries. He added that markets were not “out of the woods.” Reuters
But the rally is not a straight-line call. Manoj Kumar Jain of Prithvi Finmart said gold and silver were likely to remain volatile this week because of swings in the dollar index and crude oil, and ahead of U.S. jobs data; he advised booking profits on rallies until a U.S.-Iran deal is finalised.
Aaj Tak reported that silver was still ₹205,328 below its January MCX high of ₹457,328 per kg even after Wednesday’s rise. Gold, too, was ₹50,802 below its January peak of ₹202,984 per 10 grams.
