On March 5, 2026, gold and silver prices in India decline despite the fact that both metals remain significantly higher for the year due to Middle East tensions, a declining rupee, and strong investment flows. As a result, householders, jewellers, and investors are monitoring corrections following record highs in February and early March.
The demand for gold in India is expected to reach 600-700 tonnes in 2026, down from 711 tonnes in 2025, which was already 11% less due to a 76% increase in local prices.
Meanwhile, the demand for silver in India is close to 3,500 tonnes per year, with industrial use currently accounting for roughly 55% of total offtake.
Gold Price Today and Silver Price Today: Key spot moves and global cues
While US spot gold falls 0.47% intraday to roughly $5,135 per ounce, falling from recent highs of $5,417 as speculators lock in profits following a dramatic safe haven surge, 24K gold in Delhi is trading at ₹16,466 per gram on March 5, down ₹311 or 1.85% from the previous session.
After a 1.4% resurgence, international silver prices are currently at $83.27 per ounce, or around $2.68 per gram and $2,677 per kilogram. Year to date gains have been close to 16%, driven by a global supply gap estimated at 1.2 billion ounces of demand compared to 1 billion ounces of supply.
Gold Price Today and Silver Price Today: Domestic MCX futures snapshot
On the Multi Commodity Exchange, May silver futures trade near ₹2,65,318 per kilogram, easing from an intraday high of ₹2,72,248 that represented gains of 2.61% amid intense volatility, while April gold futures are close to ₹1,63,000 per 10 grams after reaching ₹1,63,265 intraday, a 1.33% increase.
Even as profit-taking takes hold following February’s sharp increase, market players observe that MCX contracts frequently dictate retail prices. The recent fluctuations in futures, along with the rupee’s weakening versus the US dollar at 85.5, have increased changes in the cost of imported gold for Indian consumers.
Gold Price Today and Silver Price Today: City-wise Indian gold snapshot
Gold prices follow the general downward trend in major Indian cities. In Mumbai, Kolkata, and Bengaluru, 24K gold costs about ₹16,451 per gram, which is slightly more than Chennai’s ₹16,582 per gram, where high demand for jewelry maintains a premium.
Corresponding 22K and 18K quotes vary slightly by region. While prevalent 22K and 18K rates cluster around ₹15,080 and ₹12,338-₹12,343 per gram, respectively, in western and northern centers like Mumbai, Jaipur, Ahmedabad, and Chandigarh, they are close to ₹15,200 and ₹13,100 per gram in several southern markets, such as Chennai, Madurai, and Salem.
Gold Price Today and Silver Price Today: International 24K comparisons
The United States’ 24K gold prices are close to ₹1,64,510 per 10 grams when converted to rupees, which is roughly in line with domestic benchmarks. Gulf markets, such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, quote comparable values between roughly ₹1,54,000 and ₹1,56,000 per 10 grams.
Important hubs in Asia and the West, including Singapore, England, Canada, Australia, China, Japan, Germany, and France, list 24K gold at roughly ₹1,52,800 to over ₹1,62,600 per 10 grams in rupees. New Zealand, Nepal, Pakistan, Bangladesh, Sri Lanka, and Russia also fall into a similar range.
Gold Price Today and Silver Price Today: India’s recent gold movement
India’s 24K gold prices per 10 grams have seen significant fluctuations over the past ten days. Levels fell from ₹1,73,090 on March 1 to ₹1,64,510 by March 4, following earlier increases in late February when quotes surged from ₹1,61,350 on February 23 to ₹1,68,710 on February 28.
The weekly change in Delhi’s 24K rate is close to ₹3,110 per 10 grams, which is a 1.85% decrease. Meanwhile, gold has risen almost 19% globally so far in 2026 after rising 64% in 2025 due to central bank purchases and continued geopolitical tension.
Gold Price Today and Silver Price Today: Drivers behind the precious metals rally
Earlier in the year, US-Israeli strikes on Iran boosted safe haven purchases, which caused gold and silver to rise by 19% and 16% year to date, respectively. Crude oil also gained, and equity markets suffered a 3% sell-off that redirected flows towards assets related to bullion.
According to analysts, rising tensions between the US and Iran, concerns about inflation, persistent central bank purchases of gold, which increased by 64% in 2025, and a rupee that has depreciated by roughly 2% relative to the US currency all contributed to a substantial increase in rupee-denominated bullion prices as compared to prior years.
Gold Price Today and Silver Price Today: Investment flows and demand patterns
Gold exchange-traded funds (ETFs) received around ₹430 billion in inflows worldwide in 2025, highlighting the metal’s perceived status as a safe haven. This year, silver ETFs have drawn nearly ₹50 billion due to predictions of sustained industrial and investment demand.
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India consumes about 3,500 tonnes of silver annually, with solar panels and electric vehicles together accounting for about 55% of usage. This industrial base, along with a projected global deficit of about 200 million ounces in 2026, supports views of solid long-term fundamentals despite short term dips.
Gold Price Today and Silver Price Today: Silver prices in India and city trends
In the domestic market, silver is priced at approximately ₹2,84,900 per kilogram in Delhi, Mumbai, Kolkata, Bengaluru, Pune, Vadodara, Ahmedabad, Jaipur, Lucknow, Chandigarh, Mangalore, Mysore, Surat, and Patna. In contrast, southern cities like Chennai, Hyderabad, Kerala, Coimbatore, Madurai, Vijayawada, Kochi, Salem, Bhubaneswar, Guntur, and Visakhapatnam quote close to ₹2,94,900 per kilogram.
