Gold and silver prices today on 7 May: Gold prices rose on the MCX on Thursday morning as investors awaited further clarity on the potential US-Iran peace deal. Nations across the globe are eagerly awaiting the resolution of the ongoing war.
Stronger US private payrolls data further dimmed the prospects of near-term US Fed rate cuts, limiting the gains for the yellow metal.
MCX gold June futures were up 0.35% at ₹1,52,660 per 10 grams around 9:25 am, while MCX silver July futures were up 0.90% at ₹2,55,545 per kg at that time.
Relief for oil traders
Prospects of a peace deal between the US and Iran that could lead to the reopening of the Strait of Hormuz, a critical waterway for global oil trade, are seen as a big relief by gold traders.
This caused the oil price benchmark, Brent Crude, to crash 8% to trade near $101 per barrel on Wednesday. Lower oil prices will alleviate inflation fears, increasing the prospects of a rate reduction and triggering a fresh buying interest in gold.
Major geopolitical developments
According to a report by CNBC, US President Donald Trump said Operation Epic Fury “will be at an end” if Iran “agrees to give what has been agreed to, which is, perhaps, a big assumption.” Trump added that Iran will be bombed “at a much higher level” if it doesn’t agree to a peace deal.
Iranian Foreign Ministry spokesperson Esmaeil Baqaei told the news outlets on Wednesday that Tehran is still reviewing the proposal and will present its response to mediators upon completion of the review.
Efforts are underway among the two nations and the mediators to resolve the conflict and provide nations worldwide with much-needed respite from the threat of high oil prices and rising inflation.
Here are the Gold and Silver prices across major Indian cities on 7 May, 2026. Do keep in mind, in the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewellery because it’s more durable.
Gold Prices in Mumbai — 7 May
24 karat gold rate in Mumbai — ₹152,880/10 gm
22 karat gold rate in Mumbai — ₹140,103/10 gm
Silver 999 Fine rate in Mumbai — ₹255,020/1 kg
Gold Prices in New Delhi — 7 May
24 karat gold rate in New Delhi — ₹152,580/10 gm
22 karat gold rate in New Delhi — ₹139,865/10 gm
Silver 999 Fine rate in New Delhi — ₹254,580/1 kg
Gold Prices in Ahmedabad — 7 May
24 karat gold rate in Ahmedabad — ₹153,050/10 gm
22 karat gold rate in Ahmedabad — ₹140,296/10 gm
Silver 999 Fine rate in Ahmedabad — ₹255,360/1 kg
Gold Prices in Bengaluru — 7 May
24 karat gold rate in Bengaluru — ₹152,860/10 gm
22 karat gold rate in Bengaluru — ₹140,122/10 gm
Silver 999 Fine rate in Bengaluru — ₹254,850/1 kg
Gold Prices in Kolkata — 7 May
24 karat gold rate in Kolkata — ₹152,540/10 gm
22 karat gold rate in Kolkata — ₹139,828/10 gm
Silver 999 Fine rate in Kolkata — ₹254,310/1 kg
Gold Prices in Hyderabad — 7 May
24 karat gold rate in Hyderabad — ₹152,980/10 gm
22 karat gold rate in Hyderabad — ₹140,232/10 gm
Silver 999 Fine rate in Hyderabad — ₹255,050/1 kg
Gold Prices in Chennai — 7 May
24 karat gold rate in Chennai — ₹153,180/10 gm
22 karat gold rate in Chennai — ₹140,415/10 gm
Silver 999 Fine rate in Chennai — ₹255,390/1 kg
