Gold prices rose in the domestic market even as global markets faced a downturn, largely influenced by the ongoing depreciation of the rupee against the dollar. On Friday, gold prices increased by ₹420, reaching ₹1,51,479 per 10 grams, up from ₹1,51,059 on Thursday. Initially, gold opened lower at ₹1,50,664 but managed to gain traction amid a weakening rupee.
Globally, the spot gold price fell by 0.2 percent to $4,685 per ounce, marking a 3 percent decline for the week. US gold futures for June delivery also decreased by 0.5 percent to $4,700. On the Multi Commodity Exchange (MCX), gold for June delivery rose by 0.29 percent to ₹1,52,206, while the August contract increased by 0.34 percent to ₹1,54,799.
Jateen Trivedi, Vice President of Research Analysis for Commodities and Currency at LKP Securities, noted that gold prices remain highly volatile, trading within a broad range of $4,655 to $4,710. He attributed the fluctuations to rising crude oil prices, which continue to exert pressure on broader asset classes. In the domestic market, developments in West Asia, particularly tensions involving Iran, Israel, and US military presence in the Strait of Hormuz, contribute to an elevated state of uncertainty. Trivedi indicated that with conflicting signals and no clear resolution in sight, gold is expected to remain influenced by news and maintain its volatility.
Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities, added that precious metals face downward pressure from a stronger US dollar, rising Treasury yields, and high crude oil prices. He highlighted that the dollar index is holding steady near $98.8, marking its first weekly gain in three weeks, which serves as a persistent challenge for precious metals. Furthermore, Chainwala noted that the hawkish stance was intensified by Fed chair nominee Kevin Warsh, who emphasized the importance of maintaining the Federal Reserve’s independence and called for a new framework to tackle enduring inflation, without committing to easing policies.
Published on April 24, 2026.
