Amid uncertainty in global markets due to the ongoing conflict between the US and Iran, gold has regained its shine today—May 1, also known as ‘Labor Day’. After three consecutive days of decline, gold prices have declined for the second day today. In the national capital Delhi, the price of 10 grams of 24-carat gold has declined by ₹10 today, while 22-carat gold has also become cheaper by ₹10. In the last two days, the price of 10 grams of 24-carat gold has overall fallen by ₹230, and that of 22-carat gold by ₹210. Talking about silver, after three days of stability, its prices have fallen for the third consecutive day in Delhi; In these three days, the price of one kilogram of silver has decreased by ₹10,100.
**City-wise gold rates**
Let’s take a look at the prices of 10 grams of gold—in 18-carat, 22-carat and 24-carat purity—in 10 major cities of the country…
City 24 carat 10 gram gold price 22 carat 10 gram gold price 18 carat 10 gram gold price Delhi ₹1,50,820 ₹1,38,260 ₹1,13,150 Mumbai ₹1,50,670 ₹1,38,110 ₹1,13,000 Kolkata ₹1,50,670 ₹1,38,110 ₹1,13,000 Chennai ₹1,53,830 ₹1,41,010 ₹1,17,760 Bengaluru ₹1,50,670 ₹1,38,110 ₹1,13,000 Hyderabad ₹1,50,670 ₹1,38,110 ₹1,13,000 Lucknow ₹1,50,820 ₹1,38,260 ₹1,13,150 Patna ₹1,50,720 ₹1,38,160 ₹1,13,050 Jaipur ₹1,50,820 ₹1,38,260 ₹1,13,150 Ahmedabad ₹1,50,720 ₹1,38,160 ₹1,13,050
After three days of stability, silver fell for the third consecutive day
Regarding silver, after remaining stable for three days, the prices of this metal have softened for the third consecutive day today. In these three days, the price of one kilogram of silver has decreased by ₹10,100. Specifically looking at today’s data, the price in Delhi has dropped by ₹100 per kg, and silver is currently selling at ₹2,49,900. In other major metros, silver is being sold at similar rates in Mumbai and Kolkata. However, the price of one kilogram of silver in Chennai is ₹2,70,900—making it the costliest among the four major metros.
What is the future of gold prices?
Goldman Sachs suggests that gold prices are likely to rise, mainly due to purchases by global central banks and expectations of interest rate cuts in the US. However, Goldman Sachs also forecasts a short-term softening of gold prices. The firm estimates that by the end of this year, the price of gold will reach ₹1.63 lakh per 10 grams (or $5,400 per ounce).
