Gold and silver prices in India opened lower on May 8, mirroring global trends after the U.S. Federal Reserve held interest rates steady on May 7, citing persistent inflation. As geopolitical tensions continue to drive market volatility, precious metals like gold and silver remain attractive safe-haven investments for Indian investors.
Despite recent dips, gold has delivered robust long-term returns: over the past year alone, it has surged nearly 30%, delivered a 15% CAGR since 2001, and consistently outpaced inflation since 1995 by 2–4%, according to market data.
Gold and Silver Rates in Major Indian Cities – May 8
| City | Gold Bullion (₹/10g) | MCX Gold (₹/10g) | Silver Bullion (₹/kg) | MCX Silver 999 (₹/kg) |
|---|---|---|---|---|
| Mumbai | ₹96,820 | ₹97,250 | ₹95,930 | ₹96,039 |
| Chennai | ₹97,100 | ₹97,250 | ₹96,210 | ₹96,039 |
| Kolkata | ₹96,710 | ₹97,250 | ₹95,750 | ₹96,039 |
| Hyderabad | ₹96,990 | ₹97,250 | ₹96,030 | ₹96,039 |
| Bengaluru | ₹96,920 | ₹97,250 | ₹96,960 | ₹96,039 |
| New Delhi | ₹96,670 | ₹97,250 | ₹95,710 | ₹96,039 |
Key Highlights
MCX Gold Index opened at ₹97,250/10g, while silver stood at ₹96,039/kg.
According to the Indian Bullion Association (IBA), 24-carat gold was priced at ₹97,000/10g, and 22-carat at ₹88,917/10g.
Silver 999 Fine was quoted at ₹96,110/kg.
Outlook
With heightened global tensions—particularly between India and Pakistan, and renewed conflict between Israel and Gaza—analysts anticipate continued demand for gold and silver as safe-haven assets. However, the path forward remains uncertain as markets digest mixed cues from central banks and global politics.
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