Noida, May 1 (APAC Media): Gold and silver prices climbed sharply on the Multi Commodity Exchange (MCX) on Friday morning (1 May), supported by value buying after heightened geopolitical tensions and concerns over rising inflation triggered by a spike in crude-oil prices.
MCX gold June futures rose 1.47% to Rs 151,210 per 10 grams around 10:52 am, while silver futures jumped 2.5% to Rs 238,780 per kilogram.
The Reserve Bank of India (RBI) has shifted a significant portion of the country’s gold holdings back to domestic storage, with around 77% of India’s gold reserves brought into the country by March 2026, according to recent data.
The precious metals rally came amid volatility in global markets after former US President Donald Trump warned of intensified pressure on Iran, stating that his blockade measures would push the country’s oil industry into a critical phase this week.
His remarks added to already elevated geopolitical tensions in the Middle East.
Gold & Silver Prices Today (City-Wise) – 1 May 2026
| City | 24K Gold (10g) | 22K Gold (10g) | Silver (1 kg) |
|---|---|---|---|
| Delhi | ₹1,52,530 | ₹1,39,800 | ₹2,38,730 |
| Mumbai | ₹1,52,360 | ₹1,39,650 | ₹2,38,720 |
| Pune | ₹1,51,070 | ₹1,37,200 | ₹2,38,790 |
| Chennai | ₹1,52,610 | ₹1,40,040 | ₹2,38,780 |
| Kolkata | ₹1,52,310 | ₹1,39,720 | ₹2,38,760 |
| Bengaluru | ₹1,52,460 | ₹1,39,980 | ₹2,38,770 |
| Hyderabad | ₹1,52,410 | ₹1,39,860 | ₹2,38,780 |
However, gains in bullion were partially limited as crude oil prices surged to levels last seen four years ago, intensifying inflation concerns and reducing expectations of near-term interest rate cuts.
The US Federal Reserve kept benchmark interest rates unchanged in the 3.5%–3.75% range.
Oil markets remained volatile on Friday as traders weighed persistent geopolitical risks involving Iran. Brent crude futures for July delivery rose 1.11% to $111.63 per barrel, while US West Texas Intermediate (WTI) June futures gained 0.45% to $105.54 per barrel.
Earlier, the June WTI contract had touched a high of $126.41 before settling at $114.01 following sharp intraday swings.
Market participants said the evolving situation between Washington and Tehran, along with a 60-day US congressional deadline related to Iran policy, continues to keep energy markets on edge, with both sides signalling preparedness for further escalation despite a temporary ceasefire hold.
Analysts said Iran reportedly has sufficient crude storage capacity to continue exports for at least about a month, allowing it to temporarily maintain production while gradually adjusting output without causing immediate damage to its oil infrastructure.
Retail bullion prices in India are typically higher than MCX rates due to additional costs, including making charges, taxes, and GST imposed by jewellers. Prices across major Indian cities were also updated in line with the latest domestic and international cues.
Disclaimer:
Gold prices and rates are for informational purposes only. APAC Media is not liable for any discrepancies or financial decisions made based on this data. Please consult an authorised advisor before making investment choices.
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