Gold Rate in India Today: Big Drop in Gold and Silver Prices on May 2; Check 24K, 22K, 18K Gold Price Per Gram

Gold prices in India have seen a big drop at the start of May 2025, bringing smiles to buyers and investors. The price of 22-karat gold has dropped by Rs 2,200 per 10 grams within just three days since Akshaya Tritiya. This fall is mainly because the US dollar has become stronger again after being weak for a long time. One major reason for this is the improvement in trade relations between the US and China, which has pushed global gold prices down, including in India. Below are the latest gold prices in India across all categories-22K, 24K and 18K.

Today's Gold Rates in India on May 2, 2025

24K, 22K, 18K Gold Price Per Gram: On May 2, 2025, the price of 24-karat gold dropped by Rs 22, bringing it down to Rs 9,510 per gram. Similarly, 22-karat gold is now priced at Rs 8,755 per gram, marking a decrease of Rs 20 from the previous day. The rate for 18-karat gold, also referred to as 999 gold, has fallen by Rs 16 to Rs 7,164 per gram compared to May 1.

For 10 grams, the price of 24-karat gold is Rs 95,510, 22-karat gold is Rs 87,550, and 18-karat gold is Rs 71,640. Each category has seen a drop from the previous day.

For 100 grams of gold, the price for 24-karat is Rs 9,55,100, for 22-karat it is Rs 8,75,500, and for 18-karat gold (also known as 999 gold), the rate is Rs 7,16,400. All these categories have seen a drop of Rs 200-220 compared to May 1.

Today's Silver Prices in India

The white shiny metal has not been spared from the recent trend of falling prices. On May 2, 2025, the price for 1kg of silver in India stood at Rs 98,000, with no change from the previous day. The 100g silver price also remained steady at Rs 9,800, and the 10g rate was unchanged at Rs 980. A day earlier, on May 1, 2025, silver had already fallen sharply by Rs 2,000 per kg to reach Rs 98,000. On April 30, 2025, the price for 1kg of silver was higher at Rs 1,00,000, with 100g priced at Rs 10,000 and 10g at Rs 1,000. These consecutive drops reflect the same downward trend seen in the gold market, largely driven by global market factors.

Today's Gold Price in Top Cities in India: City-wise Gold Rate on May 2

In major top cities in the country such as Chennai, Mumbai, Bangalore, and Hyderabad, gold prices have witnessed a noticeable decline. As of May 2, 2025, the rate for 24-karat gold in these cities stands at Rs 95,100 per 10 grams. This reflects a reduction of Rs 22 compared to the previous day's price. Similarly, the price of 22-karat gold has come down to Rs 87,550 per 10 grams, also showing a Rs 20 drop from the last recorded rate. The price of 18-karat gold in these cities is now Rs 71,640 per 10 grams, dropped by Rs 16.

Latest MCX Gold and Silver Prices

On the Multi Commodity Exchange (MCX), gold and silver futures prices also went down. Gold futures for June 5, 2025, dropped slightly by 0.10% to Rs 94,611. Silver futures for May 5, 2025, saw a bigger fall of 2.38%, now trading at Rs 94,561. These changes show how global market pressure and investor mood are affecting precious metal prices.

Gold Likely to Remain Strong in 2025 Amid Global Uncertainty: Experts' View

Gold is expected to continue its strong performance through 2025, despite already delivering a robust 30% return over the past year, according to Manoj Kumar Arora, Managing Director at Almondz Global. On April 22, gold prices in India touched a historic high of Rs 1 lakh per 10 grams, reflecting growing investor interest and global economic concerns.

Arora highlighted that gold has historically offered stable and attractive returns, with a compound annual growth rate (CAGR) of 15% since 2001. "Gold has consistently outperformed inflation, delivering returns 2% to 4% higher than inflation since 1995," he noted.

The outlook for gold remains bullish due to continued buying by central banks, driven by concerns over geopolitical tensions, tariff uncertainties, and inflation-especially in the United States. China has been aggressively adding to its gold reserves, reaching 2,292 tonnes by March 2025. Globally, central banks have collectively added around 1,000 tonnes of gold annually over the past three years. In India, the Reserve Bank of India (RBI) has increased its holdings to a record 879 tonnes as of March 2025.

"We believe the risk of a tariff-driven recession and stagflation will support gold's structural bull run. With strong central bank demand and declining U.S. Treasury yields, gold is likely to remain one of the best-performing assets in 2025," Arora added.

For investors, he recommended continued investments through gold Exchange Traded Funds (ETFs), describing them as a low-cost and efficient way to gain exposure to the yellow metal.