Gold slides for third day in India; global cues push bullion to monthly low
New Delhi/Mumbai – Jewellers opened shops with softer rates. Then, buyers paused and tracked screens instead of counters. As a result, gold prices in India extended losses for a third straight session on May 6, while silver also edged lower.
Retail markets reflected the shift quickly. In Delhi’s bullion lanes and Mumbai’s Zaveri Bazaar, traders reported thin footfall in early hours. Customers compared prices and waited for clarity. Many expected a deeper dip before making purchases for weddings and summer demand.
Prices moved down across purity levels. The 24 karat rate slipped by ₹44 per gram to ₹14,918. The 22 karat rate fell by ₹40 to ₹13,675 per gram. The 18 karat rate dropped by ₹33 to ₹11,189. Silver followed the trend. It traded at ₹255 per gram, while the kilogram rate eased to ₹2,55,000.
Then, global signals drove the mood. Spot gold touched a one-month low earlier in the week before a mild rebound. Traders linked the slide to volatile international cues. Tensions between the United States and Iran kept markets on edge. At the same time, crude oil swings and a firm US dollar pressured precious metals. Equity market moves added another layer of uncertainty.
Local dealers explained the reaction. They said a stronger dollar reduces gold’s appeal for investors holding other currencies. They also said rising oil prices raise inflation fears, which often create mixed signals for bullion demand. As these forces collided, prices turned choppy.
Meanwhile, some buyers returned cautiously. Small investors stepped in to book profits after the recent fall. Jewellers noted selective buying in lightweight ornaments. However, bulk purchases stayed limited as traders looked ahead to the next session.
Gold in India often tracks global bullion trends but also responds to the rupee’s movement and domestic demand cycles. Over the past few months, prices stayed volatile due to geopolitical tensions and shifting expectations around global interest rates. Festive demand earlier supported prices, but recent global uncertainty reversed the trend.
For May 7, traders expect a narrow range. First, markets will watch international price action. Then, they will track currency movement and crude oil trends. A slight recovery may appear if global bullion stabilises. However, sharp gains may need a stronger trigger, such as clear economic signals or easing geopolitical risks.
The market stays cautious. Buyers wait for better levels. Sellers adjust quickly. And gold, once again, moves to the rhythm of global uncertainty.
