New Delhi, May 6, 2026, 21:35 IST
- Early in the session, MCX July silver futures surged to ₹2,52,000 per kg. June gold contracts were also up, touching ₹1,52,182 for 10 grams.
- Gold prices got a boost, helped by a sliding dollar, softer oil, and renewed optimism for a possible U.S.-Iran agreement, sending bullion markets higher worldwide.
- IBJA’s closing rate for May 6 landed 999-purity gold at ₹150,860 per 10 grams, while silver was set at ₹249,067 per kg—both higher than Tuesday evening.
On Wednesday, Indian bullion prices jumped, snapping their losing streak. Silver outpaced gold, rallying as traders moved back into precious metals following multiple softer sessions.
The surge hit futures and spot markets alike. For households, jewellers, and short-term traders, prices moved sharply in one session, shifting the tone around what buyers and sellers are willing to discuss—even if both metals are still trading under their highs from January.
Futures on the Multi Commodity Exchange (MCX) moved sharply this day, with silver’s July contract jumping ₹7,684, or 3.1%, to ₹2,52,000 per kg. Gold’s June contract advanced as well, up ₹2,429, or 1.7%, landing at ₹1,52,182 per 10 grams, according to ETMarkets.
Gold kicked off the session at ₹1,52,000, NDTV said, up from its last close of ₹1,49,753. By afternoon, prices settled near ₹1,51,838. Silver started the day at ₹2,49,316, with trades later circling ₹2,50,900.
Spot rates climbed as well. According to IBJA data, 999-purity gold finished Wednesday at ₹150,860 per 10 grams, a jump from ₹147,636 Tuesday evening. Silver ended at ₹249,067 per kg, up from ₹240,465 the previous day.
Some quote sheets showed even loftier retail prices. GoldMeter listed India’s 24-carat benchmark at ₹151,310 per 10 grams, silver at ₹265,000 per kg, but flagged that actual shop rates often vary due to factors like local overheads, GST, and making charges.
Tanishq’s 22-carat gold was priced at ₹13,915 per gram on May 6, a notch above the ₹13,870 listed by Joyalukkas and Kalyan Jewellers, ET Online reported. That’s up from the previous day, when Tanishq was at ₹13,715 and the other two quoted ₹13,675.
Spot gold jumped 2.7% to $4,678.95 an ounce as of 8:50 a.m. EDT, according to Reuters. Spot silver advanced 5.5% to $76.81. The dollar index slipped 0.5%, making metals priced in dollars more affordable for holders of other currencies.
The rupee snapped higher, logging its strongest one-day rally in a month, thanks to a slide in Brent crude and bets that U.S.-Iran tensions could ease. While the currency’s strength typically helps rein in the rupee price of imported bullion, futures buyers drove demand hard enough to override that support.
Peter Grant, vice president and senior metals strategist at Zaner Metals, pointed to optimism over a U.S.-Iran deal as giving gold “some short-term relief,” citing support from cheaper oil and easing inflation concerns. Still, he cautioned, markets remain “not out of the woods.” Reuters
The rally isn’t exactly on rails. Manoj Kumar Jain at Prithvi Finmart flagged volatility for gold and silver this week, pointing to sharp moves in the dollar index and oil, with U.S. jobs numbers still to come. His take: take profits on strength until there’s clarity on a U.S.-Iran deal.
According to Aaj Tak, silver climbed on Wednesday but remained ₹205,328 under its January MCX high of ₹457,328 per kg. Gold showed a similar gap, trading ₹50,802 shy of its own January record at ₹202,984 for 10 grams.
