06 May,2026 04:28 PM IST | Mumbai | mid-day online correspondent
Bullion prices rise sharply in domestic and global markets. Representational Image
Gold prices opened higher on the Multi Commodity Exchange (MCX) and continued to gain through the session. Gold futures opened at Rs 1,52,000 per 10 grams, up Rs 2,247 from the previous close of Rs 1,49,753, as reported by IANS.
Gold was trading at Rs 1,52,419, up Rs 2,666 or 1.78 per cent in morning. During the day, it touched a high of Rs 1,52,450 and a low of Rs 1,51,653, still maintaining strong gains.
Silver also saw a sharp rise. July futures opened at Rs 2,49,316 per kg, which was also the day's low. Prices later climbed to Rs 2,51,699, up Rs 7,383 or 3.02 per cent.
In Mumbai's physical bullion market, silver spot prices were quoted at Rs 2,46,333 per kilogram, reflecting firm demand trends. Standard gold (99.5 purity) was priced at Rs 1,50,033 per 10 grams, while pure gold (99.9 purity) stood at Rs 1,50,636, reported PTI.
The upward trend was also seen in international markets. COMEX gold rose 1.92 per cent to USD 4,656 per ounce, while silver gained 3.45 per cent to USD 76.12 per ounce.
As per IANS reports, analysts said that gold prices edged higher after recovering from a one-month low, supported by easing concerns over US-Iran tensions and some stability in oil prices.
Gold prices remained under pressure due to a strong dollar, rising bond yields and growing inflation concerns, as oil prices surged amid escalating tensions in the Middle East. However, a rise in USD/INR helped limit losses in the domestic bullion market, as per Manav Modi Commodities Analyst, Motilal Oswal Financial Services Ltd.
Weak dollar boosts metals: The dollar index slipped 0.34 per cent to 97.97, making gold and silver more attractive for global investors. A weaker dollar typically supports precious metal prices.
Moreover, today the rupee rose from an all time low by 23 paise to 94.95 against the US dollar in early trading. This came as Brent crude prices fell after Donald Trump hinted at a possible deal with Iran.
Oil prices decline: Crude oil prices also fell, with Brent crude down 2.30 per cent to USD 107.33 per barrel and US West Texas Intermediate (WTI) dropping 3 per cent to USD 99.12.
Despite the rally, analysts warned that high crude prices and expectations of prolonged high interest rates could limit further upside.
Over the weekend, US President Donald Trump announced "Project Freedom," an initiative aimed at reopening the Strait of Hormuz - a key route that handles nearly 20 pc of global oil supply, which has been largely blocked by Iran since the conflict began. Reports of missile exchanges, attacks on ships, and an Iranian strike on the UAE's Fujairah oil hub increased fears of supply disruptions. This pushed crude oil prices higher and raised global inflation concerns.
As a result, expectations have grown that major central banks, including the US Federal Reserve, may maintain a stricter (hawkish) policy stance. This has weighed on gold, as it is a non-interest-bearing asset, explains analyst Manav Modi.
(With IANS/PTI Inputs)
