Huge Surge In Gold Rate in India Today, May 6: 22K/100g Gold Shoots Up Rs. 27,300, Silver Drops

Gold prices in India today saw another sharp spike continuing yesterday's gains. After last week's steep decline, the gold rate in India has rebounded strongly as the new week begins, due to bullish sentiment among investors and jewellers.

As of today, the 22-carat gold price in India has climbed back to Rs. 90,000 per 10 grams, while the 24-carat gold rate has surged past Rs. 98,000 per 10 grams in major cities like Delhi, Mumbai, and Chennai. Although gold rates underwent a solid recovery, they still remain slightly below April's record high, when the 24K gold price in India breached the Rs. 1 lakh mark for the first time.

This sharp rise in gold prices today in India is due to global market uncertainties. Fresh US tariff announcements by Donald Trump, particularly targeting overseas film productions. In addition, all eyes are now on the upcoming US Federal Reserve meeting, which is expected to offer more clarity on potential interest rate cuts.

Gold Rate in India Today

On Tuesday, May 6th, the 22-carat gold rate in India surged by Rs. 2500 per 10 grams to cost Rs. 90,250 per 10 grams. While the 24-carat gold prices today jumped by Rs. 2750 and cost Rs. 98,460 per 10 grams. Similarly, the 18-carat gold rate today also rose by Rs 2040 per 10 grams to cost Rs 73,840.

In a similar manner, the 100 grams of 22-carat gold stand at Rs 9,02,500 after gaining Rs 25,000. While the 24-carat gold price in India per 100 grams is now retailing at Rs. 9,846, which jumped by Rs 27,500.

MCX Gold and Silver Futures Price Today

On the Multi Commodity Exchange (MCX), gold futures slated to mature on June 5, 2025, also rose sharply and are currently trading at Rs 95,910 after jumping 1.33%. Similarly, silver futures, which are set to mature on 4th July, increased today by 2.36% to trade at Rs 96,657 at the time of writing.

City-Wise Gold Rates Today

Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored this big rise in the gold rates today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on May 6th, 2025.

Silver Rate in India Today

Silver prices in India have been falling for the last 10 days and are off record levels. Today 1kg of silver in India costs Rs 96,900, which dropped by Rs 100. While 100g of silver rates in India cost Rs 9,690 after falling Rs 10.

Market Outlook for Gold Prices

"Gold is expected to move in a tight range ahead of this week's FOMC policy. On the upside, $3300 would act as immediate resistance, whereas $3220 would hold key support for the day. A drop in net longs again last week signalled profit booking in the metal. Meanwhile, no specific timeline on a US-China trade deal would provide support to the yellow metal. Additionally, weakness in the dollar would help the metal to hold its ground. Meanwhile, investors will keep their eyes on key economic numbers from the US to get more clarity on the timing of the US Fed rate cut." As per the ICICI Securities Commodities Report.

Spot Gold Prices + Spot Silver Price Today

As per a latest report by Reuters, "Spot gold was up 1.4% at $3,380.92 an ounce, as of 0224 GMT, after hitting its highest level since April 22 earlier in the session. U.S. gold futures climbed 2% to $3,389.90. Meanwhile, spot silver rose 1.5% to $32.99 an ounce."

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