Gold Prices in India Fall Amid Strong US Dollar and Rising Oil Prices

On 2 April 2026, the price of 24K gold at ₹149,800 per 10 grams, reflecting a loss of ₹3,390 compared to its previous close. Meanwhile, 22K gold is at ₹137,317 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 2 April 2026 the price of 24K gold in India is at ₹149,800 per 10 grams, while in Dubai it is ₹135,679, reflecting a difference of ₹14,121 or 10.41%. Similarly, 22K and 18K gold prices in India were also about 10.41% costlier compared to the price of gold in Dubai , not accounting for fees, duties, and taxes. Gold prices are trending down on the back of a firm dollar amid intensified tensions in the Middle East. US President Donald Trump said that Washington will carry out military strikes in Iran, which further fuelled oil prices, stoking inflationary concerns. Trump’s remarks pushed the dollar up, which weighed on bullion, as a strong dollar makes precious metals more expensive for holders of other currencies. Central banks globally are shifting towards a tighter policy stance. ALSO READ Why Crude spikes 5%, silver nosedives 5% after Donald Trump’s comments? With rising oil prices, traders have ruled out expectations of any rate cut by the US Federal Reserve , a sharp shift from the pre-war forecast of two rate cuts. High interest rates make non-interest-yielding assets less appealing for investors. Analysts expect gold prices to remain range-bound in the near term as the dollar continues to gain strength amid the Iranian conflict. Traders will monitor geopolitical developments in the prolonged West Asia war and oil prices, which will further determine the trajectory of gold prices. Monetary stances of central banks globally will also be followed for further cues on gold prices. “MCX Gold June is expected to drop to Rs 151,000/10 gm,” 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 Why Crude spikes 5%, silver nosedives 5% after Donald Trump’s comments?