Gold and Silver Prices in Delhi, Mumbai, and Kolkata on 6 May: Retail Rates for 24K, 22K Gold and 999 Silver

Gold and Silver Prices Surge on 6 May Amid Geopolitical Developments

Gold prices jumped more than 1% on the Multi Commodity Exchange (MCX) on Wednesday, 6 May, driven by strong spot demand, a weaker dollar, a decline in crude oil prices, and hopes that peace talks between the US and Iran would resume to finally end the ongoing war in the Middle East.

MCX gold June futures rose by nearly ₹2,000, or more than 1.1%, to ₹1,51,810 per 10 grams, while MCX silver July futures jumped by ₹6,309, or nearly 3%, to ₹2,50,924 per kg in early deals. In the previous session, MCX gold's June contracts closed at ₹1,49,838 per 10 grams, rising 0.3%, while MCX silver's July contracts closed at ₹2,44,420 per kg, gaining 0.2%.

The rise in commodity prices is attributed to a second consecutive day of crude oil price declines, which weighed on the US dollar. Brent crude prices fell by nearly 2% today, trading below $110 per barrel. This decline was driven by expectations that the oil supply, disrupted by tensions between the US and Iran, especially through the Strait of Hormuz, could return to normal, as US President Donald Trump indicated a possible peace deal with Iran may be reached.

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Furthermore, the dollar index declined by 0.21%, making the greenback-backed bullion cheaper for investors in overseas currencies. The significant geopolitical developments are bound to have a direct impact on global oil and commodity prices in the coming days and weeks, depending on how the ongoing Middle East tensions unfold.

The following table compares the gold and silver prices across major Indian cities on 6 May 2026:

Additionally, it is essential to note that gold prices last year experienced their strongest bull run since 1979, rising by over 75%. In recent months, gold prices have risen modestly amid strong safe-haven demand and global economic uncertainty stemming from ongoing geopolitical issues, such as the US-Iran war in the Middle East.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline