Gold and silver prices on May 6: Gold rises for the second consecutive day ahead of US Federal Reserve meeting

Domestic gold prices are trading higher for the second straight day as prices rose 1.5% on Tuesday, May 6. At 10:00 am, the 24K gold rate in the local market stood at ₹96,360 per 10 gram, up ₹1300/ 10 gram compared to yesterday’s closing, while 22K gold was at ₹88,330 per 10 gram.

Gold prices rebounded to reach their highest level in more than a week after a renewed threat of US trade tariffs. On Sunday, US President Donald Trump announced movies produced outside the U.S. would face a 100% tariff and plans to unveil pharmaceutical tariffs over the next two weeks.

Besides this, demand for safe-haven assets is also rising ahead of the US Fed interest rate decision to be announced later this week. As per experts, the US central bank is expected to keep interest rates unchanged this time. A fall in the US dollar index is also supporting the gold prices.

In New Delhi markets, the 24K gold rate stood at ₹95,960 per 10 gram and 22K gold at ₹87,963 per 10 gram.

Gold Price Today in Major Cities:

*Gold rate as of 10:00 am

MCX Gold futures is trading is same direction as international gold prices in early morning trades. As of 10:00 am, the MCX Gold June future was up 1.4% at ₹96,049 per 10 gram, with a day high of ₹96,049 and day low of ₹95,200. In the US markets, Gold futures for June delivery were trading 1.5% or $51 higher at $3,373 an ounce.

Silver Price Today in India (May 6, 2025)

Silver prices are also higher in the local market, around ₹96,830 per kg, up 2.4%. Meanwhile, MCX Silver for July delivery trades 2.4% higher at ₹96,739 per kg as of 10:00 am, while international silver prices trade around $33.3 per troy ounce, up 2.6%.

Silver Price Today in Major Cities:

*Silver rate as of 10:00 am