Current Gold Prices in India: May 4, 2026 Update

Gold Prices Experience a Dip

Gold Rate Update (May 4, 2026): On May 4, 2026, gold prices in India opened lower, breaking a recent upward trend that had positively influenced market sentiment. On the Multi Commodity Exchange (MCX), the futures for 24-carat gold decreased by Rs 602.00, or 0.40%, settling at Rs 1,50,750 per 10 grams, down from the previous close of Rs 1,51,352. Despite this decline, prices remain relatively high in a broader context. As reported by GoodReturns, the retail price for 24-carat gold is approximately Rs 1,51,230 per 10 grams. The Indian Bullion and Jewelers Association (IBJA) indicated a morning rate of Rs 1,50,263 per 10 grams, while the All India Sarafa Association, which includes taxes, set the rate at Rs 1,54,800 per 10 grams. Notably, gold reached a peak of Rs 1,80,779 per 10 grams on January 29, 2026, in the futures market.

According to the latest IBJA update, the gold prices for various purity levels are as follows:

• 24 carat: Rs 1,50,263 per 10 grams
• 23 carat: Rs 1,49,661 per 10 grams
• 22 carat: Rs 1,37,641 per 10 grams
• 18 carat: Rs 1,12,697 per 10 grams
• 14 carat: Rs 87,904 per 10 grams

These benchmark rates are essential for bullion traders and jewelry purchasers nationwide.

Gold Rates in Major Cities

Gold Rates in Delhi, Chennai, Mumbai, and Other Cities

Market Trends and Influences

Previous Session Rally: What Changed?

The recent decline follows a significant increase observed in the last trading session. In Delhi's bullion market, the price of 24-carat gold surged by Rs 2,000, or 1.31%, reaching Rs 1,54,800 per 10 grams (including taxes), up from Rs 1,52,800. Internationally, gold prices also saw a notable rise, with spot prices increasing by $91.80, or 2.02%, to $4,635.52 per ounce, which positively impacted domestic markets. The upward trend was evident in futures trading as well, with June gold contracts on MCX rising by Rs 1,791 (1.2%) to Rs 1,50,841 per 10 grams. In the US, Comex gold futures for June delivery increased by Rs 72.41 (1.59%) to $4,633.91 per ounce.

What’s Driving Gold Prices Now?

Market analysts attribute the recent fluctuations to a combination of global and domestic factors. A weaker US dollar and declining bond yields had previously propelled gold prices higher. Saumil Gandhi, a senior analyst at HDFC Securities, noted that these elements contributed to the rebound from recent lows. Additionally, geopolitical tensions in West Asia and the US Federal Reserve's decision to maintain interest rates have enhanced gold's status as a safe-haven asset. Increased purchasing at lower price points has also played a role in sustaining elevated prices. Despite short-term volatility, the overall outlook for gold remains strong, as investors continue to seek the metal amid global market uncertainties.