As of May 6, gold prices have experienced an upward trend, driven by heightened demand in the spot market and fluctuating U.S. Dollar rates. This increase comes amid ongoing uncertainties surrounding U.S.-China trade negotiations and the anticipated decisions from the U.S. Federal Reserve on May 7. Investors continue to favor gold as a reliable asset to shield their investments from market volatility, especially given its impressive performance over the past year, with a 30% increase year-on-year and a 15% CAGR since 2001.
Gold’s Resilience Against Inflation
Remarkably, since 1995, gold has consistently outpaced inflation by 2-4%, according to available data. In April, gold prices peaked at ₹1 lakh per 10 grams before retreating slightly as global concerns eased regarding the implications of former President Donald Trump’s trade policies and tariffs.
Today’s Gold Prices: May 6 Overview
At 8:20 AM on May 6, the MCX gold index reported a price of ₹94,750 for every 10 grams, marking a decline of ₹101. Simultaneously, MCX silver prices fell by ₹18/kg, settling at ₹94,406/kg. Notably, the 24-carat gold was valued at ₹95,060/10 gm, while the 22-carat gold stood at ₹87,138/10 gm. Silver prices for 999 Fine are currently at ₹94,490/kg.
Regional Gold and Silver Prices
Here’s a snapshot of current gold and silver prices across major Indian cities:
Chennai
- Gold bullion: ₹94,750/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver bullion: ₹95,460/kg
- MCX Silver 999: ₹96,524/kg
Mumbai
- Gold bullion: ₹94,430/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver bullion: ₹95,120/kg
- MCX Silver 999: ₹96,524/kg
Hyderabad
- Gold bullion: ₹94,620/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver bullion: ₹95,330/kg
- MCX Silver 999: ₹96,524/kg
Kolkata
- Gold bullion: ₹94,350/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver bullion: ₹95,060/kg
- MCX Silver 999: ₹96,524/kg
New Delhi
- Gold bullion: ₹94,260/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver bullion: ₹94,960/kg
- MCX Silver 999: ₹96,524/kg
Bengaluru
- Gold bullion: ₹94,500/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver bullion: ₹95,200/kg
- MCX Silver 999: ₹96,524/kg
Investors should stay informed on these fluctuations as they analyze their options in the precious metals market. For more updates on gold and silver prices, keep your eyes on market trends and expert analyses.
