Gold and silver prices on May 2: The yellow metal’s price in India’s retail market remained stable on Saturday, May 2, with both 24-karat, and 22-karat gold rates witnessing minimal changes in major cities of the country.
The Multi commodity exchange of India (MCX) remains shut on weekends, so live trading rates are currently unavailable. Based on the last closing levels, gold was still holding above the ₹1.5 lakh mark per 10 grams, though it has seen some softening over the past few sessions.
The price of 24-karat gold in India stood at ₹151,810 per 10 gram at 9:35 am on Saturday. Meanwhile 22-karat gold was priced at ₹139,159 per 10 gram in the physical bullion. Silver 999 Fine was priced at ₹251,170 per 1 kg, according to the data available on Indian Bullion Association (IBA).
In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat is commonly used for making jewellery as its more solid in nature. Here’s a look at the latest gold prices across major Indian cities on May 2, 2026:
Gold Prices in Mumbai — May 2
24 karat gold rate in Mumbai — ₹151,530/10 gm.
22 karat gold rate in Mumbai — ₹138,903/10 gm.
Silver 999 Fine rate in Mumbai — ₹250,720/1 kg.
Gold Prices in New Delhi — May 2
24 karat gold rate in New Delhi — ₹151,270/10 gm.
22 karat gold rate in New Delhi — ₹138,664/10 gm.
Silver 999 Fine rate in New Delhi — ₹250,290/1 kg.
Gold Prices in Ahmedabad — May 2
24 karat gold rate in Ahmedabad — ₹151,730/10 gm.
22 karat gold rate in Ahmedabad — ₹139,086/10 gm.
Silver 999 Fine rate in Ahmedabad — ₹251,050/1 kg.
Gold Prices in Bengaluru — May 2
24 karat gold rate in Bengaluru — ₹151,650/10 gm.
22 karat gold rate in Bengaluru — ₹139,013/10 gm.
Silver 999 Fine rate in Bengaluru — ₹250,920/1 kg.
Gold Prices in Kolkata — May 2
24 karat gold rate in Kolkata — ₹151,330/10 gm.
22 karat gold rate in Kolkata — ₹138,719/10 gm.
Silver 999 Fine rate in Kolkata — ₹250,390/1 kg.
Gold Prices in Hyderabad — May 2
24 karat gold rate in Hyderabad — ₹151,770/10 gm.
22 karat gold rate in Hyderabad — ₹139,123/10 gm.
Silver 999 Fine rate in Hyderabad — ₹251,120/1 kg.
Gold Prices in Chennai — May 2
24 karat gold rate in Chennai — ₹151,970/10 gm.
22 karat gold rate in Chennai — ₹139,306/10 gm.
Silver 999 Fine rate in Chennai — ₹251,450/1 kg.
Why did gold slip in global markets?
The yellow metal’s price fell on Friday in international markets as traders weighed a standoff between the United States and Iran that has dampened expectations for interest rate cuts from central banks across the world. The conflict has also pushed oil prices higher on May 1.
Bullion fell as much as 1.2%, after adding 1.5% in the previous session. US President Donald Trump vowed to maintain a naval blockade on Iran and was briefed by commanders on further military options, according to a report. Iran said the blockade would have to end for the Strait of Hormuz to be reopened, according to Bloomberg News.
The energy-supply disruptions caused by the nine-week conflict has added to inflation risks, raising the likelihood that central banks will keep rates steady for longer or even increase them, which is a headwind for non-yielding bullion. Gold has lost nearly 14% since the outbreak of the war on Februrary 28, 2026.
