Gold prices fall below ₹97,000 on May 7 ahead of US Fed policy decision, rising India-Pakistan tensions

Domestic gold prices are trading lower, witnessing profit booking after rising for two consecutive days. At 9:30 am, the 24K gold rate in the local market stood at ₹96,950 per 10 gram, down ₹880/ 10 gram compared to yesterday’s closing, while 22K gold was at ₹88,871 per 10 gram.

Yellow metal prices are down ahead of the US Federal Reserve interest rate decision to be announced tonight. As per experts, the US central bank is expected to keep interest rates unchanged this time. Meanwhile, a rise in the US dollar index also lowered the appeal for safe-haven assets. Investors are now looking forward to escalating tensions between India and Pakistan.

In New Delhi markets, the 24K gold rate stood at ₹96,680 per 10 gram and 22K gold at ₹88,623 per 10 gram.

Gold Price Today in Major Cities:

*Gold rate as of 9:30 am

MCX Gold futures is also trading lower in line with fall in international prices. As of 9:30 am, the MCX Gold June future was down 0.6% at ₹96,856 per 10 gram, with a day high of ₹96,900 and day low of ₹96,550. In the US markets, Gold futures for June delivery were trading 0.8% or $29 lower at $3,393 an ounce.

Silver Price Today in India (May 7, 2025)

Silver prices are also lower in the domestic market, around ₹96,530 per kg, down 0.3%. Meanwhile, MCX Silver for July delivery trades 0.08% lower at ₹96,625 per kg as of 9:30 am, while international silver prices trade around $33.2 per troy ounce, down 0.3%.

Silver Price Today in Major Cities:

*Silver rate as of 9:30 am