MUMBAI, April 7, 2026, 01:42 IST
Gold prices slipped across India on Monday, with June futures on the Multi Commodity Exchange (MCX) shedding almost 1% early on. Leading jewellers also lowered 22-carat retail tags. A stronger dollar and tensions in the Middle East rattled the market, pushing spot prices down.
The recent pullback is showing up on store shelves following the sharp surge in FY26, when MCX gold jumped 67% and silver soared 142.2%. Steep prices have already steered many Indian consumers away from jewellery, pushing them toward bars, coins, and exchange-traded funds instead. The World Gold Council now expects 2026 demand could drop to 600-700 tonnes, as slack jewellery buying drags on gains from stronger investment interest.
Retailers could see a boost from the timing. Tanishq CEO Arun Narayan pointed out that softer prices might give a lift to bookings ahead of Akshaya Tritiya on April 19 and during the April-July wedding stretch. Reuters noted late-March buying picked up as prices came down—though plenty of shoppers are still holding out, hoping for a bigger drop.
Gold June futures on MCX dropped Rs 1,400 to Rs 1,48,298 per 10 grams, while silver May contracts fell over Rs 2,800, landing at Rs 2,29,651 per kg. Internationally, spot gold slipped 0.4% to $4,654.99 an ounce by the early afternoon in the U.S., but U.S. gold futures inched up 0.1% to end at $4,684.70. Traders kept a close eye on the Strait of Hormuz deadline, upcoming U.S. inflation data, and the latest Federal Reserve minutes set for release later in the week. A stronger U.S. payrolls report on Friday, with 178,000 new jobs in March and unemployment at 4.3%, put a damper on hopes for a rate cut anytime soon.
Retail price boards told the story. ET found Tanishq quoting 22-carat gold in Delhi, Mumbai, Chennai, Kolkata and Bengaluru at Rs 13,710 a gram, a step down from Rs 13,875 on April 4. Kalyan Jewellers and Malabar Gold & Diamonds set their rate at Rs 13,670, compared to Rs 13,835 earlier. The India Bullion and Jewellers Association, whose daily rates are widely followed, posted a 22-carat morning price of Rs 14,434 a gram.
Manoj Kumar Jain at Prithvifinmart Commodity Research advises traders to lock in gains on any rally and hold off for a pullback. Over at IndusInd Securities, senior analyst Jigar Trivedi notes gold’s roughly 12% slide since the conflict started, adding that prices could soon test Rs 1,47,500, with resistance likely around Rs 1,49,500.
Looking further out, the outlook isn’t as bearish. “Moderately bullish” is how Aamir Makda, commodity and currency analyst at Choice Broking, described the FY27 scenario to PTI. Ongoing geopolitical tensions, the threat of trade wars, and recession jitters may keep the safe-haven trade alive, he noted. Silver, according to Makda, could find a range between Rs 2.75 lakh and Rs 3.5 lakh per kg in the local market. He expects central bank purchases to keep lending support to gold. The Times of India
Still, oil prices and rates might set the pace from here. Bart Melek at TD Securities pointed to “the war and interest rates” as the main themes, adding that if pricier crude stokes inflation, the U.S. Federal Reserve’s ability to cut rates shrinks—a drag for gold, since it doesn’t pay interest. Makda flagged the risk that an extended period of elevated rates could limit more upside. Reuters
Softer prices could lure a few buyers back, though plenty are still holding out. Indian dealers late March were discounting as much as $61 an ounce, Reuters noted, while a chunk of buyers seemed content to wait for prices to fall further. The volatility hasn’t done much for jewellery demand, which remains shaky, even though investment interest is holding up.
