NEW DELHI – Gold and silver prices in India continued their upward trajectory on Thursday, May 7, 2026, marking a second consecutive day of gains. The rally is being fueled by a complex mix of geopolitical developments in West Asia and a softening U.S. Dollar.
While hopes for a US-Iran peace deal have provided some market optimism, the ongoing uncertainty surrounding the reopening of the Strait of Hormuz continues to drive safe-haven demand. Internationally, spot gold has surged past the $4,700 per ounce mark, while silver is outperforming with a significant jump toward $78 per ounce.
Retail Gold Rates (May 7, 2026)
Retail prices across major Indian cities reflect the surge in global bullion markets. Below are the indicative rates for 10 grams of gold:
| City | 22K Gold (Per 10g) | 24K Gold (Per 10g) |
| Chennai | ₹1,40,415 | ₹1,53,180 |
| Ahmedabad | ₹1,40,296 | ₹1,53,050 |
| Hyderabad | ₹1,40,232 | ₹1,52,980 |
| Mumbai | ₹1,40,103 | ₹1,52,880 |
| Bengaluru | ₹1,40,122 | ₹1,52,860 |
| Delhi | ₹1,39,865 | ₹1,52,580 |
| Kolkata | ₹1,39,828 | ₹1,52,540 |
> Note: These retail prices are indicative and do not include GST, TCS, and local making charges.
Silver Market Performance
Silver has witnessed a more aggressive rally compared to gold. In the domestic retail market, Silver (999 Fine) is trading in the range of ₹2,54,310 to ₹2,55,390 per kilogram, depending on the city. On the MCX, silver futures have shown high volatility, crossing the ₹2.57 lakh mark in early trading sessions.
Key Market Influencers
1. The Geopolitical “Strait” Factor
The potential resolution of the US-Iran conflict is the primary focus for traders. A deal that ensures the reopening of the Strait of Hormuz—a critical artery for global oil—is seen as a massive relief that could eventually stabilize inflation and energy costs.
2. Currency and Oil Volatility
- Dollar Weakness: The U.S. Dollar index remains under pressure (hovering below 98), making precious metals more attractive.
- Crude Oil Dynamics: Brent crude crashed nearly 8% on Wednesday to trade near $101 per barrel, alleviating some immediate inflation fears but keeping the market in a “wait-and-watch” mode regarding interest rate cuts.
3. Domestic Demand
Despite the record-high prices, gold remains a cultural staple for the ongoing wedding and festival season in India. However, experts suggest that high volatility may lead some retail buyers to adopt a “flex-buying” approach, focusing on smaller denominations or digital gold.