Key Takeaways
Gold prices in India held firm on May 3, consolidating at elevated levels after a strong rally. 24-carat gold was priced at ₹15,026 per gram, according to data from the India Bullion and Jewellers Association (IBJA), keeping the precious metal above the key ₹15,000 level.
"According to IBJA data on May 3, 999 purity (24K) gold is at ₹15,026 per gram, while 995 purity is at ₹14,966," the association's daily bulletin showed. The stability comes as the Multi Commodity Exchange remains closed for the weekend, with traders relying on Friday's closing levels.
Prices for other purities also showed little change. For jewellery buyers, 916 purity (22K) gold was quoted at ₹13,764 per gram by IBJA, while 18K gold (750 purity) was priced near ₹11,270 per gram. The lack of movement across categories suggests prices are consolidating near their peak.
The broader trend of high prices is supported by global uncertainty and sustained safe-haven demand, with analysts pointing to the US-Iran conflict as a key factor. Gold is expected to remain range-bound in the near term as the market tracks global cues for its next catalyst.
Major jewellery brands across India are reflecting the firm market conditions. In Bengaluru, Tanishq priced 22-carat gold at ₹14,005 per gram and 24-carat gold at ₹15,278 per gram. Other major retailers like Malabar Gold and Joyalukkas quoted 22-carat gold at ₹13,965 per gram.
Prices showed minor variations across different cities, with Chennai quoting slightly higher rates than other metros like Delhi and Kolkata. However, the overall difference remains limited, indicating a stable nationwide pricing trend.
This article is for informational purposes only and does not constitute investment advice.
