Gold prices fell significantly today due to renewed Iran tensions and a stronger US dollar. MCX futures declined, impacting rates across major Indian cities.
| Purity | Per Gram | Per 10g | Change |
|---|---|---|---|
| 24K Gold | ₹14,313INR | ₹1,43,130 | ↓ ₹213 |
| 22K Gold | ₹13,120 | ₹1,31,200 | ↓ ₹195 |
| 18K Gold | ₹10,735 | ₹1,07,350 | — |
Source: GoldMeter.in • Historical data for reference only
The Indian gold market witnessed a significant downturn on July 8, 2026, as prices plunged across the board, both in futures trading and physical markets. This sharp decline was primarily triggered by a declaration from former US President Trump stating that the Iran truce was over, combined with the persistent strength of the US dollar and higher crude oil prices, which collectively dampened bullion demand. Investors and jewelry shoppers alike saw rates dip considerably, with futures on the Multi Commodity Exchange (MCX) leading the fall.
On the MCX, gold futures experienced a notable drop, declining by Rs 2,000 to Rs 2,308 per 10 grams, with the contract settling around Rs 1,44,911 per 10 grams, dipping close to the Rs 1.44 lakh mark. Internationally, gold slipped below the $4,100 per ounce level. This downward pressure was felt keenly in major Indian cities. In Delhi, 24K gold fell to ₹14,464 per gram, while Mumbai saw rates for 24K gold drop to ₹14,449 per gram. Chennai's 24K gold price also declined to ₹14,542 per gram. Kolkata recorded its third consecutive day of price falls, and rates across Rajasthan also saw a clear dip for both 22K and 24K varieties, impacting jewelers like Malabar Gold & Diamonds and Tanishq. Silver, often moving in tandem with gold, also suffered a substantial blow, slumping by Rs 7,000 on the MCX, with futures declining to Rs 2.29 lakh per kilogram.
The primary catalyst for today's market shift appears to be the geopolitical development surrounding Iran. The news of the truce being over injected uncertainty, leading to a flight from bullion for some investors, particularly as the US dollar strengthened, making gold more expensive for holders of other currencies. Higher crude oil prices further contributed to the complex market dynamics, diverting investor interest and dampening the appeal of gold as a safe haven. This combination of global cues created a challenging environment for the precious metal.
For Indian investors and jewelry shoppers, today's significant fall could present a potential buying opportunity for those looking to accumulate gold for long-term investment or upcoming festive purchases. However, it is crucial to remain vigilant, as geopolitical tensions and currency fluctuations will continue to dictate market movements. Tracking the US dollar's trajectory and developments in the Middle East will be key to understanding gold's short-term outlook.