Gold prices today in India opened lower for the third straight session on Thursday 9 May 2025, mirroring a dip in international bullion after the US dollar strengthened by one quarter percent overnight. Retail jeweller quotes gathered up to 12.00 pm IST show that average 24 karat rates slipped about 125 rupees per gram, while 22 karat fell 115 rupees, compared with Wednesday closing levels. Traders attribute the decline to profit-booking and a pause in safe-haven flows following cooler rhetoric between India and Pakistan after the initial flare-up earlier this week.
City-wise price snapshot at midday
| City | 24 K (₹/10 g) | 22 K (₹/10 g) |
|---|---|---|
| Delhi | 98,500 | 90,300 |
| Mumbai | 98,350 | 90,150 |
| Chennai | 99,400 | 91,300 |
| Bengaluru | 98,350 | 90,150 |
| Kolkata | 98,380 | 90,180 |
Rates compiled from leading jeweller associations and Goodreturns real-time dashboard at 12.00 pm IST. Actual quotes vary by shop, purity stamp, and making charge. GoodreturnsGoodreturns
Why gold is easing this week
- Dollar rebound – The US Dollar Index climbed to 103.4 in Asian trade, making gold costlier for holders of other currencies.
- ETF inflows slowing – After the biggest monthly inflow in three years during April, global gold exchange-traded funds added only 4.2 tonnes in the first week of May, according to early data from the World Gold Council. Reuters
- Profit-booking – Domestic futures touched a record ₹99,600 per 10g on Monday amid India-Pakistan tensions. With verbal de-escalation under way, short-term traders pocketed gains.
- Stable bond yields – US ten-year Treasury yields held near 4.55 percent, limiting additional safe-haven demand.
International cues
Spot gold traded at 2,278 dollars an ounce in early London deals, down 0.4 percent from Wednesday close. The LBMA reference price averaged 2,283 dollars over the past five sessions, nearly three percent below April’s record high. World Gold Council
Domestic futures and technical levels
On Multi Commodity Exchange, June gold futures were last seen at ₹98,620 per 10 g, down ₹140 or 0.14 percent. Chart watchers cite immediate support at ₹98,100 and deeper support near ₹97,400. A break below those zones could open ₹96,900. Resistance stands at Monday’s peak of ₹99,600. Volume on MCX bullion index remained healthy at 4.5 million lots Tuesday, according to exchange statistics. MCX IndiaMCX India
Demand picture in India
- Wedding season tailwind – Jewellers report continued bridal bookings through mid-June, softening the price drop’s impact on physical demand.
- Akshaya Tritiya afterglow – Orders placed during the April 28 festival are still being delivered, keeping showroom traffic steady.
- Central bank buying – RBI added three tonnes to reserves in March and is expected to stay active, offering a price floor, analysts at Kotak Securities said.
Analyst outlook
Krishan Gopaul of the World Gold Council noted in a recent blog that central bank demand and ETF inflows remain supportive even after the pullback. World Gold Council Domestic brokerage Motilal Oswal expects gold to trade in a ₹97,000 to ₹1,00,500 band through May unless the US Federal Reserve changes its rate guidance at the 22 May meeting.
Investment tips for 9 May 2025
- Long-term savers can use staggered purchases via Sovereign Gold Bonds to average cost.
- Short-term traders should place stop-loss orders below ₹98,100 and monitor global headlines.
- Jewellery buyers preparing for weddings may seize today’s dip but should insist on BIS hallmark and GST invoice.
Silver check
Silver prices followed gold. MCX July silver traded at ₹1,13,140 per kilogram, down ₹220. Retail 999 purity silver slipped to ₹112 per gram in Mumbai bullion markets.
Final word
Gold prices today in India fell modestly in line with global cues, yet the broader uptrend remains intact thanks to persistent central bank purchases and steady domestic jewellery demand. Savvy investors can view the current softness as a breather rather than a trend reversal. Keep an eye on dollar moves, US economic data, and geopolitical headlines, all of which have potential to spark fresh volatility in the weeks ahead.
Sources
Goodreturns live gold dashboard – national and Delhi rates accessed 9 May 2025 GoodreturnsGoodreturns
Reuters World Gold Council ETF inflow report 8 May 2025 Reuters
World Gold Council Weekly Markets Monitor 6 May 2025 World Gold Council
MCX trading circulars and volume data 6 May 2025 MCX IndiaMCX India
