The recent decision from the United States Federal Reserve to maintain interest rates has stirred interest in the precious metals market, particularly gold and silver. As of May 8, prices have fluctuated, reflecting ongoing geopolitical tensions, such as those between India and Pakistan, and the escalating conflict in Israel and Gaza. With these uncertainties, many investors are turning to gold and silver as reliable safe-haven assets.
Current Gold and Silver Prices
As of 6:20 AM on May 8, here’s a snapshot of the gold and silver prices across various Indian cities:
-
Gold Prices:
- MCX Gold (10 gm): ₹97,051
- 24-Carat Gold: ₹97,380
- 22-Carat Gold: ₹89,265
- Silver Prices:
- MCX Silver (1 kg): ₹95,730
- Silver 999 Fine: ₹95,840
Price Trends in Major Cities
Let’s take a closer look at the gold and silver rates in key cities across India:
Mumbai
- Gold Bullion: ₹94,430/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver Bullion: ₹95,120/kg
- MCX Silver: ₹96,524/kg
Chennai
- Gold Bullion: ₹94,750/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver Bullion: ₹95,460/kg
- MCX Silver: ₹96,524/kg
Kolkata
- Gold Bullion: ₹94,350/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver Bullion: ₹95,060/kg
- MCX Silver: ₹96,524/kg
Hyderabad
- Gold Bullion: ₹94,620/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver Bullion: ₹95,330/kg
- MCX Silver: ₹96,524/kg
Bengaluru
- Gold Bullion: ₹94,500/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver Bullion: ₹95,200/kg
- MCX Silver: ₹96,524/kg
New Delhi
- Gold Bullion: ₹94,260/10 gm
- MCX Gold: ₹95,221/10 gm
- Silver Bullion: ₹94,960/kg
- MCX Silver: ₹96,524/kg
Investment Insights
Over the past year, the price of gold has surged by 30%, showcasing its resilience amid market fluctuations. Since 2001, gold has provided a 15% CAGR, significantly outperforming inflation rates since 1995. This trend reinforces the position of gold and silver as attractive investment options during uncertain times.
Investors looking to navigate these volatile markets should keep a close eye on the shifting dynamics and explore local prices for gold and silver that suit their investment strategies. For detailed pricing in your area, remember to check reliable sources regularly.
