Gold-Silver Rates Today: Gold and silver prices have once again witnessed a significant decline. On Monday, both precious metals slipped on the MCX, and silver is now trading at a discount of ₹2.02 lakh per kilogram compared to its peak.
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Gold and silver prices witnessed a significant decline right at the market opening on the first day of the week. On the Multi Commodity Exchange (MCX), silver futures slipped to ₹237,000—down from last Friday’s closing price—marking a sudden drop of over ₹6,000 in a single stroke. Following this latest slump, the price of 1 kg of silver is now trading ₹202,000 per kg below its all-time high. Gold also lost ground, becoming cheaper by more than ₹1,100 per 10 grams on Monday.
Silver Prices Plummet at Market Open
Starting with the decline in silver prices: on Friday—the final trading day of the previous week—the MCX silver price closed at ₹243,274 per kg. However, on the first day of the current week, the price for silver contracts expiring on May 5th tumbled immediately upon opening to reach ₹237,190. Consequently, silver became cheaper by ₹6,084 per kg.
When compared against its all-time high, silver is currently trading at approximately half that price. It is worth noting that in January 2026, silver prices crossed the ₹400,000 mark for the first time in history, reaching a peak of ₹439,337 per kg. Following a continuous crash from that high, silver has now dropped to its current level, trading at a discount of ₹202,147 per kg compared to its peak.
Gold Prices: A Significant Drop from Their Peak
Much like silver, gold has also witnessed a continuous decline from its all-time high levels. Despite intermittent price surges, it remains significantly cheaper compared to its lifetime peak. Last Friday, gold futures with a June 5th expiry closed at ₹152,652 per 10 grams on the MCX; however, upon opening on Monday, the price immediately dropped to ₹151,457—meaning this precious yellow metal became cheaper by ₹1,195.
Regarding the decline from its peak, the MCX gold high stands at ₹202,984 per 10 grams—a level touched just this past January. Similar to silver, gold prices have plummeted sharply after reaching this record high. When compared to current market rates, 10 grams of 24-karat gold is currently trading at a discount of ₹51,527 relative to its peak.
US-Iran Conflict: Yet, Prices Continue to Fall
Whenever global tensions escalate, investors typically prioritize gold and silver—metals considered to be “safe havens”—leading to a rise in the prices of these precious metals. However, despite global tensions being at a high due to the conflict between the United States and Iran, both gold and silver prices are currently on a downward trend.
As for the reasons behind this phenomenon, rising crude oil prices—fueled by heightened tensions in the Strait of Hormuz amidst the Middle East conflict—are causing alarm. After plummeting following recent ceasefire announcements, crude oil prices have begun to surge once again, crossing the $100-per-barrel mark. The risk of global inflation has intensified, prompting investors to prefer holding cash.
Furthermore, global investors are gravitating toward the US dollar—a “safe-haven” currency that has consistently strengthened throughout the conflict. It is this combination of a strengthening dollar and fears of inflation that is currently preventing gold prices from rallying, despite the prevailing geopolitical tensions.
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