Gold prices in India witnessed a notable decline over the past week, offering some relief to buyers and investors. The fall comes amid global uncertainties, including developments in Iran-US relations, fluctuations in the US dollar, and rising crude oil prices. Silver prices, meanwhile, remained relatively stable with limited movement.
Despite the weekly dip, gold prices showed a slight recovery on Saturday, May 2. The rate for 24-karat gold stood at ₹15,093 per gram, while 22-karat gold was priced at ₹13,835 per gram. The price of 18-karat gold also rose to ₹11,320 per gram.
Silver followed a similar upward trend at the end of the week, reaching ₹265 per gram and ₹2,65,000 per kilogram. Although silver remained range-bound throughout April, it experienced significant volatility earlier in the year.
In the international market, gold prices climbed to around $4,600 per ounce on May 1, supported by a weaker US dollar. However, experts suggest that gold may continue to move within a limited range in the coming week, with a slight downward bias.
Higher US interest rates and strong bond yields are expected to weigh on gold prices, as these factors typically reduce the appeal of non-yielding assets like gold. At the same time, consistent central bank purchases are likely to provide some support to the market.
For Indian investors, the depreciation of the rupee could partially offset global price weakness, potentially cushioning domestic gold prices by 3–5%. However, subdued demand following the festive season may limit any sharp upward movement.
Looking ahead, gold prices are expected to remain sensitive to global economic cues, including US monetary policy, currency trends, and geopolitical developments. If international prices cross the $4,800 mark, a stronger rally toward higher levels later in the year could be possible.