Gold and Silver Prices: Retail Rates in Delhi, Mumbai, and Other Cities on May 1

Global Markets React to Geopolitical Tensions

The gold and silver prices on the Multi Commodity Exchange (MCX) saw significant fluctuations on Friday, 1 May, as market participants responded to the escalating tensions between the United States and Iran. The MCX gold June futures rose by 1.44% to ₹1,51,200 per 10 grams, while the MCX silver futures increased by 2.4% to ₹2,38,790 per kg around 9:13 am.

The recent comments from US President Donald Trump, who stated that his blockade would cause Iran's oil industry to "explode" this week, contributed to the value buying in gold and silver. However, the gains were capped as crude oil prices surged to levels last seen four years ago, raising inflation fears and diminishing the prospects of near-term interest rate cuts. The US Federal Reserve had kept interest rates steady in a range of 3.5% to 3.75% at its recent meeting.

Geopolitical Developments

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Trump's announcement of a blockade on Iran, which is expected to last until the country agrees to a nuclear deal, has escalated the tensions between the two nations. Analysts predict that Iran has sufficient oil storage to cover at least a month's worth of production, giving the country time to ramp down production without damaging its fields.

Oil Prices Continue to Rise

The June contract for oil rose to $126.41 a barrel before settling at $114.01 on Thursday. On Friday, the July Brent futures contract increased by 1.11% to $111.63 as of 10:15 p.m. ET, while the US West Texas Intermediate futures for June gained 0.45% to $105.54.

Gold and Silver Prices Across Major Indian Cities

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

The prices of gold and silver across major Indian cities on 1 May 2026 are as follows:

US Futures React to Recent Developments

US stock futures rose on Friday morning after the S&P 500 and Nasdaq Composite hit new intraday and closing highs, rounding out trading for April. The S&P 500 futures advanced 0.2%, while the Nasdaq 100 futures inched up 0.12%. The futures tied to the Dow Jones Industrial Average added 61 points, or about 0.12%.