Gold rebounded sharply today, crossing ₹1.6 lakh, driven by easing crude prices and Middle East ceasefire hopes. Indian gold ETFs, however, turned negative for the first time in a year.
On June 4, 2026, the Indian gold market witnessed a significant rebound, with prices surging past the crucial ₹1.6 lakh mark after a period of seesaw movements. This recovery brought a renewed sense of optimism for investors and shoppers, as the precious metal regained its upward momentum both domestically and internationally.
The yellow metal saw a notable jump across major Indian cities, with Delhi reporting gold prices climbing to ₹1.60 lakh. Internationally, Comex gold experienced a substantial rebound of $76 per ounce, indicating a strong global sentiment. While gold rallied, silver presented a mixed picture. Although Comex silver gained $1.7, several reports from India noted that silver prices extended their losses or fell, suggesting localized factors at play despite the global uptick.
Several key factors contributed to gold's impressive performance. A primary driver was the easing of crude oil prices, which traditionally has an inverse relationship with gold. As oil retreated, it spurred recovery in the gold market. Furthermore, renewed hopes for a Middle East ceasefire played a significant role in reviving demand for the safe-haven asset, alongside a weaker US dollar and persistent geopolitical uncertainties. These global cues collectively pushed gold prices higher in both international and domestic markets.
Despite the bullish sentiment in physical gold prices, the Indian gold ETF segment revealed a notable trend. For the first time in a year, India gold ETFs turned negative, signaling a shift in investor behavior within this specific segment. For jewelry shoppers and retail investors, daily rates for 24K, 22K, and 18K gold were widely available across major cities like Mumbai, Delhi, Kolkata, Chennai, Lucknow, Hyderabad, and Ahmedabad, with leading jewelers like Tanishq, Joyalukkas, and Kalyan Jewellers providing their specific prices.
Amidst current stock market volatility, financial experts continue to recommend a diversified approach. One strategy suggested by MOSL for navigating such market conditions includes allocating investments across equity, gold, and fixed income. As gold reaffirms its role as a hedge against inflation and uncertainty, investors are advised to keep a close watch on evolving geopolitical situations and crude oil price movements. For those considering new purchases or investments, today's rebound highlights gold's enduring appeal in a volatile economic landscape.