Gold Gains Momentum on Labour Day While Silver Slips Sharply: Check Latest Rates Across Major Cities

The precious metals market has shown mixed trends at the start of May, with gold prices witnessing a slight recovery while silver continues its downward slide. On May 1, observed as Labour Day, gold extended its upward movement for the second consecutive day, whereas silver prices declined for the third straight session. This contrasting trend comes amid ongoing global uncertainties and shifting investor sentiment.

Gold Prices Edge Higher Amid Global Uncertainty

Gold has regained some shine after recent volatility in international markets. Factors such as geopolitical tensions and economic uncertainty have supported safe-haven demand for the yellow metal. According to market updates, gold prices have seen marginal changes in India’s key cities.

In the national capital Delhi, the price of 24-carat gold (10 grams) stands at ₹1,50,820, while 22-carat gold is priced at ₹1,38,260 and 18-carat gold at ₹1,13,150. Similar pricing trends are observed in other major cities like Mumbai and Kolkata, where rates remain largely aligned due to uniform taxation and market dynamics.

In southern markets such as Chennai, gold prices are slightly higher, with 24-carat gold trading at ₹1,53,830 per 10 grams. This variation is often influenced by local demand patterns and logistical costs.

City-Wise Gold Prices Snapshot

Across India’s top cities, gold rates (per 10 grams) are approximately:

• Delhi, Lucknow, Jaipur: ₹1,50,820 (24K)
• Mumbai, Kolkata, Bengaluru, Hyderabad: ₹1,50,670 (24K)
• Chennai: ₹1,53,830 (24K)
• Ahmedabad, Patna: Around ₹1,50,720 (24K)

Prices for 22-carat and 18-carat gold follow a similar pattern across these cities.

Silver Prices Continue to Fall

Unlike gold, silver has been under consistent pressure. After remaining stable for a few days, the metal has now declined for three consecutive sessions. In just three days, silver prices have dropped by a significant ₹10,100 per kilogram.

In Delhi, silver is currently priced at ₹2,49,900 per kg, down by ₹100 from the previous day. Similar rates are seen in Mumbai and Kolkata, while Chennai continues to record the highest price among major metros, with silver trading at ₹2,70,900 per kg.

What’s Driving the Market?

The movement in gold and silver prices is largely influenced by global economic developments. Rising geopolitical tensions, fluctuations in the US dollar, and expectations around interest rate cuts are key factors impacting investor behavior.

Gold, often considered a safe-haven asset, tends to gain during periods of uncertainty. On the other hand, silver, which has strong industrial demand, can be more sensitive to economic slowdowns and market sentiment.

Outlook: What Lies Ahead for Gold?

Global investment firm Goldman Sachs has shared an optimistic long-term outlook for gold. The firm believes that continued buying by central banks and the possibility of lower interest rates in the United States could push gold prices higher in the coming months.

According to its projections, gold could reach around ₹1.63 lakh per 10 grams (approximately $5,400 per ounce) by the end of the year. However, the firm has also cautioned that short-term fluctuations may continue, and prices could remain volatile in the near future.

What Should Investors Do?

For investors, the current market presents both opportunities and risks. While gold’s upward trend may offer long-term benefits, short-term volatility should not be ignored. Silver’s recent decline may attract bargain hunters, but its future direction will depend on industrial demand recovery.

Experts advise investors to make informed decisions and consult certified financial advisors before making any major investment moves.

Final Takeaway

The beginning of May has brought mixed signals from the precious metals market. Gold is showing resilience amid global uncertainty, while silver continues to weaken. With ongoing economic developments and global cues shaping the trend, both metals are likely to remain in focus for investors and consumers alike.