Metal Prices Today: Retail Rates of 24K, 22K Gold and 999 Silver in Delhi, Mumbai, and Kolkata on 5 May 2024

Global Gold and Silver Prices See Slight Movement Amid Ongoing Geopolitical Tensions

As the world grapples with the intensifying US-Israel war against Iran, gold and silver prices have seen a marginal shift in the Indian retail market. On Monday, 5 May, gold prices in India remained slightly higher, while silver prices declined.

According to the Multi Commodity Exchange (MCX), gold June futures rose by 0.16% to ₹1,49,579 per 10 grams, while MCX silver futures dropped by 3.37% to ₹2,38,013 per kg around 9:39 AM.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

The ongoing Middle East tensions are expected to have a significant impact on global oil and commodity prices in the coming days. President Donald Trump has warned Iran that it will be "blown off the face of the earth" if it targets US ships protecting commercial vessels in the Strait of Hormuz. The Strait of Hormuz is a critical global chokepoint, accounting for roughly 20% of the world's oil and liquefied natural gas (LNG) consumption.

In recent months, gold prices have risen modestly amid strong safe-haven demand and global economic uncertainty stemming from ongoing geopolitical issues. Gold prices last year experienced their strongest bull run since 1979, rising by over 75%.

The US equity market reaction to the escalating tensions was muted, with US stock futures trading near the flatline. The S&P 500 lost 0.41%, while the Nasdaq Composite slipped 0.19%. The Dow Jones Industrial Average fell 557.37 points, or 1.13%.