Gold prices declined by ₹2,500 to ₹1.60 lakh per 10 grams in the national capital on Monday, reflecting a downturn in global markets amid renewed military tensions between the US and Iran that drove up crude oil prices.
According to the All India Sarafa Association, the price of gold with 99.9 percent purity decreased by ₹2,500, a 1.53 percent drop, settling at ₹1,60,400 per 10 grams (inclusive of all taxes) compared to the previous closing price of ₹1,62,900 per 10 grams.
Silver prices also experienced a significant downturn, falling by ₹5,000, or nearly 2 percent, to ₹2,69,700 per kilogram (inclusive of all taxes). This follows the previous session’s close at ₹2,74,700 per kg.
“Gold started the week on a weaker note as increased tensions between the US and Iran over the weekend boosted crude oil prices and strengthened the dollar,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities. He noted that rising US Treasury bond yields further pressured precious metals, diminishing investor interest in gold and silver.
In international markets, spot gold saw a nearly 1 percent decline, quoted at $4,504.97 per ounce. Meanwhile, silver saw a 1 percent increase, reaching $75.93 per ounce.
Spot gold demonstrated volatility, trading at approximately $4,500 per ounce on Monday, while silver edged closer to $76 per ounce. This indicates a cautious start to the week for precious metals against a backdrop of ongoing uncertainty regarding the US-Iran ceasefire framework, according to Kaynat Chainwala, AVP Commodity Research at Kotak Securities.
Market participants are expected to closely monitor US jobs data, comments from Federal Reserve officials, and insights from Treasury Secretary Scott Bessent this week, Chainwala added. Furthermore, traders will keep an eye on further developments in West Asia for potential signals regarding bullion prices.
Published on June 1, 2026.
