Gold and silver prices saw a slight dip on Tuesday as the US dollar gained strength amid rising tensions in West Asia.
In Mumbai, 24-carat gold was priced at Rs 1,49,180 per 10 grams, while 22-carat gold stood at Rs 1,36,750.
These prices do not include GST or making charges.
On the Multi Commodity Exchange (MCX), gold slipped 0.04% to Rs 1,49,280 per 10 grams.
Silver also declined by 0.26% to Rs 2,43,260 per kg in early trade.
Gold Rates Across Major Cities
Here’s a quick look at gold prices across key Indian cities on May 5:
Delhi: 22K – Rs 1,36,900 | 24K – Rs 1,49,330
Jaipur: 22K – Rs 1,36,900 | 24K – Rs 1,49,330
Ahmedabad: 22K – Rs 1,36,800 | 24K – Rs 1,49,230
Pune: 22K – Rs 1,36,750 | 24K – Rs 1,49,180
Hyderabad: 22K – Rs 1,36,750 | 24K – Rs 1,49,180
Chennai: 22K – Rs 1,36,750 | 24K – Rs 1,49,180
Bengaluru: 22K – Rs 1,36,750 | 24K – Rs 1,49,180
Kolkata: 22K – Rs 1,36,750 | 24K – Rs 1,49,180
Prices remain largely similar across cities, with slight variations due to local taxes and demand.
What’s Happening in the Global Market
Globally, gold prices also weakened.
Spot gold was trading around $4,541 per ounce, while US gold futures for June were near $4,550.
According to market experts, gold prices are adjusting after recent geopolitical tensions.
At the same time, rising US bond yields and a stronger dollar are putting pressure on gold.
Since gold does not offer interest, it often becomes less attractive when interest rates and yields rise.
Why Gold Prices Are Falling
Several global factors are influencing the current trend.
A stronger US dollar makes gold more expensive for buyers using other currencies.
At the same time, rising crude oil prices are increasing inflation concerns, which is affecting market sentiment.
Ongoing tensions involving the US and Iran are also creating uncertainty, adding to market volatility.
What Affects Gold Prices in India
Gold prices in India depend on multiple factors.
These include international market rates, import duties, taxes, and changes in currency exchange rates.
Local demand also plays a role, especially during festivals and wedding seasons when gold buying increases.
Why Gold Still Matters for Indians
Despite price fluctuations, gold remains an important asset in India.
It is not just an investment but also a key part of cultural traditions, especially during weddings and festivals.
Because prices change daily, investors and buyers closely track trends to make the right decisions.
The Bottom Line
Gold and silver prices have dipped slightly due to global factors like a stronger dollar and rising tensions.
While short-term movements may continue, keeping an eye on market trends is important for both investors and buyers.
