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The Financial Express
Jun 10, 2026, 03:30 PM


Gold Prices Plummet in India Amid US-Iran Tensions
On 10 June 2026, the price of 24K gold at ₹149,090 per 10 grams, reflecting a loss of ₹3,230 compared to its previous close. Meanwhile, 22K gold is at ₹136,666 per 10 grams. Gold prices in India are largely influenced by international spot gold rates, US dollar fluctuations, and import duties on Gold among other things. Gold prices in India continue to remain higher than in Dubai. On 10 June 2026 the price of 24K gold in India is at ₹149,090 per 10 grams, while in Dubai it is ₹132,623, reflecting a difference of ₹16,467 or 12.42%. Similarly, 22K and 18K gold prices in India were also about 12.42% costlier compared to the price of gold in Dubai , not accounting for fees, duties, and taxes. Gold prices extended sharp declines on the back of renewed geopolitical hostilities between the US and Iran, which drove oil prices higher and increased the expectation of rate hikes by the US Federal Reserve . Oil prices surged from their weekly lows as the US military carried out new strikes against Iran after its helicopter was brought down by Tehran. Market sentiment over the US-Iran ceasefire remains fragile as the Strait of Hormuz remains under dual blockade. ALSO READ Gold slips below $4,200, silver down 48% from January peak on Fed rate hike fears Over the past three months, gold prices have declined by more than 19%, as investors divert towards interest-yielding assets. Additionally, boosted safe-haven demand for the greenback has also weighed negatively on the yellow metal. Analysts suggest that gold prices may extend further declines, weighed by increased expectations of tighter monetary policy globally and stronger-than-expected key US data. Uncertainties over the three-month-stretched West Asia conflict continue to limit the scope of upside for the yellow metal as rising energy costs have heightened inflationary fears. “ MCX Gold August may continue to drop to Rs. 149,000/10g in sessions to come,” said Jigar Trivedi, Senior Research Analyst at Indusind Securities. Retail investors are advised to track not just domestic rates but also international trends before making buying decisions. ALSO READ Gold slips below $4,200, silver down 48% from January peak on Fed rate hike fears
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