Gold Rate Today, May 2, 2026: IBJA Rate Jumps, Check City-Wise Gold Price of 24K, 22K & 18K

Gold Rate Today: Gold prices in India jumped to a new high on 2 May 2026, with 24-karat gold quoted at ₹1,54,800 per 10 grams after a single-day rise of ₹2,000. Data from the All India Sarafa Association links this surge to rising Middle East tensions and strong safe-haven demand, while year-to-date gains of ₹17,000 highlight gold’s strong performance against other assets.

Alongside the spot market spike, 24-karat gold futures on the Multi-Commodity Exchange moved up 0.08% to ₹1,51,225 per 10 grams, a gain of ₹114. Analysts say persistent worries over inflation, currency swings and central bank purchases globally, combined with geopolitical risk, are keeping investors interested in gold as a defensive holding.

On May 2, according to India Bullion and Jewellers Association Ltd. (IBJA) rate, Gold prices across different purity levels also reflect the broader surge in the market, with rates rising steadily on May 2, 2026. The highest purity, 999 (24K) gold, is priced at around ₹15,026 per gram, while 995 purity stands close to ₹14,966 per gram. For jewellery buyers, 916 purity (22K gold) is trading at approximately ₹13,764 per gram, continuing to remain the most preferred category. Meanwhile, 750 purity (18K gold) is priced near ₹11,270 per gram, and 585 purity (14K gold) is at about ₹8,790 per gram. The upward movement across all purity levels highlights strong demand and aligns with the overall bullish trend in gold prices, driven by global uncertainties and increased safe-haven buying.

Gold prices in India: May 2, 2026 levels

The 24-karat benchmark, used for bars and coins, set the tone for gold prices in India at ₹1,54,800 per 10 grams on 2 May 2026. This rate reflects investment-grade purity and acts as the base for other karat prices. Investors seeking assured purity usually prefer 24-karat products, backed by certifications from recognised refineries and dealers.

Gold prices in India and market performance

For most jewellery buyers in India, 22-karat gold remains the practical standard, trading around ₹1,36,000 per 10 grams on 2 May. The lower price compared with 24-karat reflects added alloys, which improve strength and make intricate designs possible. This combination of high purity and better durability keeps 22-karat popular for wedding sets and daily-wear ornaments.

Lower-purity options such as 18-karat and 14-karat gold are drawing attention from budget-conscious buyers and those following global fashion trends. On 2 May, 18-karat gold was priced near ₹1,02,000 per 10 grams, while 14-karat stood around ₹71,400. These grades contain less pure gold but offer more design flexibility and are widely used in international branded jewellery ranges.

Gold prices in India and safe-haven demand

Gold prices in India also reflect strong activity on the MCX, where 24-karat futures settled at ₹1,51,225 per 10 grams after a 0.08% rise. Elevated trading volumes point to active participation from hedgers and speculators. Futures contracts aid price discovery and arbitrage, helping align wholesale and retail rates as jewellers use these benchmarks for inventory planning.

From 1 January 2026, when 10 grams of 24-karat gold cost ₹1,37,800, prices in India have climbed steadily to ₹1,54,800 by 2 May. This increase of ₹17,000 represents a gain of about 12.3% in four months, beating many equity indices. Market observers link this upward trend to geopolitical stress, inflation worries and continued central bank accumulation of bullion.

City-Wise Gold Rates in India (Per Gram)

Here is a look at the latest gold prices across major Indian cities:

Chennai: ₹15,383 (24K), ₹14,101 (22K), ₹11,776 (18K)
Mumbai: ₹15,067 (24K), ₹13,811 (22K), ₹11,300 (18K)
New Delhi: ₹15,082 (24K), ₹13,826 (22K), ₹11,315 (18K)
Kolkata: ₹15,067 (24K), ₹13,811 (22K), ₹11,300 (18K)
Bengaluru: ₹15,067 (24K), ₹13,811 (22K), ₹11,300 (18K)
Hyderabad: ₹15,067 (24K), ₹13,811 (22K), ₹11,300 (18K)

Gold prices in India and investment outlook

Middle East instability is a key driver behind the move in gold prices in India, encouraging a global shift into safe-haven assets. Throughout 2026, every flare-up in regional tensions has brought fresh buying from investors looking for protection. Gold’s long-standing role as a store of value during uncertain periods is drawing both institutional and retail capital.

Retail participation has increased alongside rising gold prices in India, with more buyers choosing coins and small bars through banks and authorised dealers. Many households still favour 22-karat jewellery for cultural and practical reasons, while 18-karat and 14-karat products appeal to cost-sensitive shoppers. Inflation concerns and currency volatility are reinforcing interest in physical gold as a hedge.

Financial advisors generally suggest keeping 5–10% of an investment portfolio in gold, and recent moves in gold prices in India support that guidance. At ₹1,54,800 per 10 grams on 2 May, the metal may appear expensive, yet is still seen as suitable for long-term savers seeking diversification and protection against shocks in equity or bond markets.

Movements in gold prices in India are closely linked to MCX gold futures, which traded at ₹1,51,225 per 10 grams on 2 May. Strong demand in the futures market usually supports higher spot rates through hedging and arbitrage. Jewellers and wholesalers rely on these futures-driven signals when revising showroom prices for different karat segments.