Gold rate today: Gold prices came under selling pressure during evening trade on MCX on May 1, 2026, briefly falling below the ₹1,50,000 mark. The decline was driven by rising crude oil prices amid the US-Iran conflict, which dampened expectations of a near-term rate cut by the central bank.
futures for June delivery dropped as much as 0.90%, or ₹1,369 per 10 grams, to an intraday low of ₹1,49,742. On Friday, gold prices pared some losses and were trading 0.57% lower at ₹1,50,255.
In the international front, gold also weakened, with US spot gold falling 1.1% to $4,568.82 per ounce, putting it on track for a weekly decline of 1.2%. Meanwhile, US gold futures for June delivery slipped 1.1% to $4,579.70.
Why are gold prices falling?
Iran has put forward a fresh proposal for negotiations with the United States, according media reports.
Following the development, oil prices declined, though they remained on course for weekly gains. Elevated fuel costs continue to raise concerns about a global economic slowdown and persistent inflation.
The dollar weakened against other major currencies, making dollar-denominated bullion more affordable for buyers using different currencies.
Higher costs may lead central banks to keep interest rates elevated for a longer period, which tends to pressure non-yielding assets like gold as investors shift toward alternatives such as Treasury yields.
The US Federal Reserve left interest rates unchanged this week and maintained a hawkish stance, prompting markets to scale back expectations of a rate cut this year.
Gold prices have declined since the onset of the Iran conflict in late February, despite the metal’s usual appeal as a safe-haven asset during geopolitical tensions.
“The macro backdrop remained dynamic, with central bank signals playing a decisive role in shaping sentiment. While the Bank of Japan, European Central Bank, and Bank of England maintained a cautious-to-hawkish stance amid persistent inflation risks driven by rising oil prices, the Federal Reserve adopted a relatively balanced approach. Despite internal dissent, the Fed retained a neutral stance with a subtle dovish bias, highlighting emerging labor market concerns while downplaying the broader inflationary impact of energy price shocks,” said Sugandha Sachdeva, Founder of SS WealthStreet.
Is it right time to buy gold?
Ponmudi R, CEO of Enrich Money, believes that and silver witnessed intermittent profit booking at higher levels, while selective buying interest emerged near key support zones.
“Momentum remained tentative, as the absence of fresh geopolitical triggers and relative stability in the dollar capped strong upside follow-through. Safe-haven demand has eased marginally but continues to lend support on declines amid lingering uncertainty,” Ponmudi said.
Meanwhile, Sachdeva said that the outlook for remains cautiously positive. While near-term volatility is likely to persist, driven by crude oil dynamics, dollar index movement, and geopolitical developments, prices are expected to remain well-supported at lower levels.
“As long as key supports hold, dips are likely to attract buying interest. The US Non-Farm Payrolls data lined up towards the end of the upcoming week will be a critical trigger, providing further cues on the Fed’s policy trajectory and shaping the next directional move in gold,” she added.
On the technical outlook, Sachdeva said that gold is undergoing a consolidation phase, with early signs of base formation emerging. Prices have established a near-term floor around the $4,400/oz mark, while the $4,550–$4,600/oz zone continues to act as a critical pivot on the weekly timeframe.
“Sustenance above this band keeps the broader trend constructive with potential for an upward extension.
In the domestic market, key support is placed near Rs.148,000-147500 per 10 gms zone on a weekly closing basis. On the upside, a decisive breakout above $4,868/oz and Rs.156,000 would signal a resumption of bullish momentum, opening the path for higher targets in the near to medium term,” she added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.