Gold and Silver Prices in Delhi, Mumbai, and Kolkata on May 7: Retail Rates of 24K, 22K Gold and 999 Silver

Global Markets Respond to US-Iran Peace Deal Hopes

As nations around the world anxiously await a resolution to the ongoing war between the United States and Iran, the potential for a peace deal has sent shockwaves through the global markets. On Thursday morning, gold prices on the Multi Commodity Exchange (MCX) rose as investors awaited further clarity on the situation.

The MCX gold June futures saw a gain of 0.35% to ₹1,52,660 per 10 grams at 9:25 am, while the MCX silver July futures rose by 0.90% to ₹2,55,545 per kg at the same time. The prospect of a peace deal between the US and Iran, which could lead to the reopening of the Strait of Hormuz, a critical waterway for global oil trade, has been a major relief for gold traders.

The potential for a rate reduction has increased due to lower oil prices, which have alleviated inflation fears. According to a report by CNBC, US President Donald Trump stated that Operation Epic Fury "will be at an end" if Iran agrees to a peace deal. Iranian Foreign Ministry spokesperson Esmaeil Baqaei told news outlets that Tehran is still reviewing the proposal and will present its response to mediators upon completion of the review.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Note: The prices mentioned above are for 24-karat and 22-karat gold, as well as silver 999 Fine, in the respective cities on 7 May 2026.