Gold rates on May 6: Check the latest rates in your city today

Gold's June contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 95,200 per 10 gram on May 6.

Gold prices have increased, after recording a consistent decline for some weeks. Gold's June contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 95,200 per 10 gram on May 6.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on May 6:

(as per data on Good Returns)

"Comex Gold surged nearly 3% in the previous session, driven by a weaker U.S. dollar ahead of the much-anticipated Federal Reserve interest rate decision. According to the CME FedWatch Tool, markets are currently pricing in a 98.2% probability that the Fed will maintain the rate status quo. Despite persistent inflation concerns stemming from trade tariffs, political pressure from President Trump to lower rates has intensified, further supporting the bullish sentiment in bullion," said Axis Securities.

Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said, "The rally is being supported by renewed risk aversion, a softer dollar, and anticipation around the Fed’s policy stance. Markets are keenly awaiting the FOMC decision, especially after recent public disagreements between President Trump and Fed Chair Jerome Powell regarding the rate path. A dovish tone or actual rate cut could push gold higher, while any hawkish surprise might trigger volatility. Gold is likely to remain volatile within the Rs 93,000 – Rs 96,000 range in the short term."

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