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On May 4, 2026, gold prices in India remained largely unchanged as the market balanced hawkish signals from the U.S. Federal Reserve against geopolitical uncertainties. Investors are currently closely monitoring the U.S.-Iran conflict and its impact on global oil prices, which continue to hover above $100 a barrel.
Gold Rates Across Major Indian Cities (May 4, 2026)
Domestic rates held steady, though prices in Chennai continue to command a significant premium compared to other metros.
| City | 22K Gold (Per 10gm) | 24K Gold (Per 10gm) |
| Delhi | Rs 1,39,490 | Rs 1,51,070 |
| Mumbai | Rs 1,38,340 | Rs 1,50,920 |
| Chennai | Rs 1,38,340 | Rs 1,50,920 |
| Bengaluru | Rs 1,38,340 | Rs 1,50,920 |
| Hyderabad | Rs 1,38,340 | Rs 1,50,920 |
| Ahmedabad | Rs 1,38,390 | Rs 1,50,970 |
| Kolkata | Rs 1,38,340 | Rs 1,50,920 |
Note: These prices are indicative and do not include GST, TCS, or local making charges.
Market Performance: MCX and International Trends
- MCX Gold: Prices saw a marginal dip of 0.02%, trading at approximately Rs 1,51,317 per 10 grams.
- MCX Silver: Silver prices eased by 0.12%, standing at Rs 2,50,630 per kg.
- Spot Gold: In the international market, spot gold traded around $4,606 per ounce.
Key Factors Influencing Prices Today
- Fed Hawkishness: Federal Reserve Chair Jerome Powell concluded his eight-year tenure with a cautious stance on inflation. Dissenting voices within the Fed are pushing against interest rate cuts, suggesting that borrowing costs could even rise in the future due to the “oil price shock” from the Iran conflict.
- Oil & Inflation: With crude oil prices sustained above $100, central banks are prioritized in fighting inflation. High interest rates typically pressure gold, as it is a non-yielding asset compared to rising Treasury yields.
- Geopolitical Developments: Markets are cautiously watching the “Project Freedom” initiative and potential peace talks regarding the Iran blockade. Any de-escalation in the Middle East could remove gold’s safe-haven premium, leading to potential price corrections.
Domestic Outlook
In India, gold demand remains supported by the ongoing wedding season and retail buying. However, analysts warn that a strengthening Rupee could cap any major gains in domestic prices, even if global spot rates rise.