On May 7, 2026, gold prices in India have seen an increase, with 24 carat gold priced at ₹15,246 per gram, up by ₹33. Similarly, 22 carat gold is at ₹13,975 and 18 carat gold at ₹11,434, reflecting rises of ₹30 and ₹20 respectively. The increases are driven by strong domestic demand, a weaker US dollar, and geopolitical tensions, particularly regarding the ongoing conflict in the Middle East, which began on February 28, 2026. This conflict has led to fluctuations in crude oil prices, which in turn affects inflation and gold prices. The blockage of the Strait of Hormuz has further contributed to rising fuel prices, impacting gold and silver prices as well. Overall, the interplay of global market conditions, import duties, and currency exchange rates continues to shape the daily fluctuations in gold prices across India.