Gold Loses Its Lustre as Profit-Booking Sweeps Across India's Bullion Markets

Mumbai, April 2: Gold price in India on Thursday tanked by ₹153 per gram on Thursday amid profit booking across bullion exchanges in the country even as President Donald Trump’s stern warning against Iran kept crude oil prices trading near highs. 24-karat gold in Mumbai and rest of bullion markets tracking national price quoted at ₹15,142 per gram today, ₹153 down on its Wednesday level — breaking a long-continuing rally that has lasted through most of early-2026 thus far. Meanwhile, gold rates in Chennai continued to outpace rest of the country by a small margin as the yellow metal fetched ₹15,218 per gram there today.

In Delhi and Ahmedabad, Vadodara gold price today stood at ₹15,157 per gram and ₹15,147 per gram respectively for 24-karat gold, each slightly higher or lower than national benchmark quote by ₹5. Analysts expect gold prices to witness heightened volatility as tensions in Middle East escalate in coming weeks.

During a nationally televised address on Wednesday night Trump promised to retaliate against Iran by hitting them “very hard” within the next couple of weeks. Trump specifically mentioned Iran’s energy sector and oil production facilities as potential targets — sending Brent crude futures shooting above $106 a barrel overnight — but said he did not want to hurt Iranian citizens with military action. Trump also criticised previous administrations for not fully carrying out military strikes on Iran.

In contrast to oil however, gold investors chose to book profits — perhaps those made on safe-haven buying in days following Iran’s top general Qassem Soleimani was killed by US drone strikes in Iraq on January 3. The death triggered fears of wider conflict in Middle East, the world’s most important oil-producing region.

Spot gold prices dropped ₹153 to ₹15,142 per gram across the country as of 10: 26 am on Thursday, while Chennai prices came in at ₹15,218, higher than the rest of the country.

Silver prices, meanwhile, edged down ₹107 to ₹48,348 per kg.

Spot gold prices per gram for 22-karat gold dipped ₹140 to ₹13,880, while those for 18-karat gold were down ₹114 at ₹11,357.

Gold prices in various Indian cities

Chennai is the priciest across all three karat grades, while most cities share an identical base rate — with only Delhi, Ahmedabad, and Vadodara carrying a small premium over the national benchmark.

Source: https://www.goodreturns.in/gold-rates/mumbai.html