On May 1, 2026, gold prices experienced a notable decline, falling by ₹1,300 to reach a low of ₹149,742 per 10 grams on the Multi Commodity Exchange (MCX). The drop was driven by rising crude oil prices amid the ongoing US-Iran conflict, which has heightened inflation concerns and dampened investor expectations for a near-term interest rate cut by the US Federal Reserve. As of 5:55 PM, gold prices slightly recovered to ₹150,255, reflecting a 0.57% decrease. Internationally, gold also saw a decline, with US spot gold down 1.1% at $4,568.82 per ounce. The market sentiment remains cautious, with expectations that high oil prices will keep the Fed's monetary policy tight, thereby limiting gold's appeal as a non-yielding asset. Silver prices, in contrast, rose by nearly 1% to ₹246,851 per kg. Analysts predict that gold will remain volatile in the near term, with support levels around ₹148,000 and resistance near ₹152,000.