Rs 5,200 Spike in Gold Price in India; 22K, 24K, 18K Gold Rates Up, MCX Gold Dips Amid May 7 Operation Sindoor

Gold Rates in India: In the early hours of May 7, gold futures in India experienced a sharp drop following India's military strikes on terrorist camps in Pakistan-Occupied Kashmir (PoK). The strikes came in response to the April 22 Pahalgam terror attack that claimed 26 lives. On the Multi-Commodity Exchange (MCX), gold futures fell by 0.9%, trading at Rs 96,625 per 10 grams, before recovering slightly to Rs 96,904, still down by 0.6%. Interestingly, despite the dip in futures, retail gold prices rose across the country, with 24 Karat gold priced at Rs 9,900 per gram, 22 Karat at Rs 9,075, and 18 Karat at Rs 7,425, reflecting continued consumer demand amid geopolitical uncertainty amid India-Pakistan tension.

Gold Prices in India Surge Amidst Operation Sindoor on May 7, 2025

On May 7, 2025, gold prices in India experienced a significant rise, coinciding with the launch of Operation Sindoor by the Indian Armed Forces. This operation targeted terrorist infrastructure in Pakistan and PoK. On Wednesday, the prices of the yellow metal for 24 karat, 22 karat, and 18 karat have risen by Rs 330, Rs 300, and Rs 250 per 10 grams, respectively. This marks the third consecutive day of price increases, with 24K gold reaching Rs 72,380 per 10 grams, 22K gold at Rs 66,350 per 10 grams, and 18K gold priced at Rs 54,290 per 10 grams.

Below are the latest rates for 24 karat, 22 karat, and 18 karat gold per gram in India of May 7, Thursday:

22K Gold prices in India: The price of 22K gold reaching 9,075 per gram, marking an increase of Rs 50 from yesterday's rate of Rs 9,025. For buyers looking to purchase in bulk, the price for 8 grams is now Rs 72,600, up by Rs 400, while 10 grams is costing as of now at Rs 90,750, reflecting a Rs 500 rise from Tuesday. If you are looking to buy 100 grams, it will cost Rs 9,07,500, which is Rs 5,000 more than previous day rate.

24K Gold prices in India: Gold prices in India saw a rise today, with 24 Karat gold now priced at Rs 9,900 per gram, up by Rs 54 from yesterday's rate of Rs 9,846. For those looking to buy in bulk, the price for 8 grams is now Rs 79,200, a Rs 432 increase from the previous day. 10 grams of 24 Karat gold will cost Rs 99,000, reflecting a rise of Rs 540. For a 100-gram purchase is now priced at Rs 9,90,000, which is Rs 5,400 higher than price in previous trading day on May 6.

18K Gold prices in India: The price of 18 Karat gold in India has also gone up today. The rate for 1 gram is now Rs 7,425, which is Rs 41 more than Tuesday's price of Rs 7,384. For 8 grams of 18K, the cost is Rs 59,400, showing an increase of Rs 328. A 10-gram purchase will now cost Rs 74,250, up by Rs 410 from the previous day. For those buying 100 grams, the latest price is Rs 7,42,500, which is Rs 4,100 higher than yesterday's rate.

Gold Price on May 7 on Top Cities in India

The price of 22 Karat gold across India's major cities like Mumbai, Kolkata, Bangalore, Hyderabad, Chennai, Pune, and Kerala hovered around Rs 9,075 per gram on Wednesday, while 24 Karat gold, the purest form of the yellow metal, stood at Rs 9,900 per gram. Meanwhile, 18 Karat gold, typically used in lightweight jewellery, is pricing around Rs 7,425 per gram.

Gold Rate Today in Chennai: In the capital of Tamil Nadu, Chennai recorded slightly higher rates for 18K gold at Rs 7,455 per gram, indicating marginal local demand shifts.

Gold Rate Today in Delhi: On the other hand, Delhi, the national capital, posted a slightly elevated price of Rs 9,090 for 22K gold and Rs 9,915 for 24K gold, suggesting regional premiums possibly driven by local taxes and logistics.

Gold Rate Today in Gujarat: Similarly in the western state, Gujarat, the top cities like Ahmedabad and Vadodara reported 22K gold at Rs 9,080 and 24K gold at Rs 9,905, with corresponding 18K gold rates at Rs 7,429 per gram.

The recent escalation in tensions between India and Pakistan, following the military strikes in PoK as part of Operation Sindoor, has stirred uncertainty in the markets. While the gold market saw immediate fluctuations, the broader financial markets have yet to show any significant long-term shifts.

Pankaj Singh, Smallcase Manager and Founder of SmartWealth.ai said, "While short-term caution is reasonable, history shows that Indian markets demonstrate strong resilience once clarity returns. Unless accompanied by broader economic or global shocks, Indo-Pak tensions have not had a lasting negative impact. Investors should focus on fundamentals, not fear."