Gold Rate Today, June 1, 2026: Gold Extends Slide; 24K Drops ₹1,420 per 10 Gram

Mumbai, June 1: Gold prices in India fell sharply at the start of the new week on Monday, June 1, extending a correction that has now run across five of the past seven sessions as the prospect of a US-Iran ceasefire extension continued to erode the geopolitical risk premium that had underpinned safe-haven demand for the metal.

The national price of 24-karat gold (99.9% purity) declined to ₹1,56,220 per 10 grams, shedding ₹1,420 from Friday’s ₹1,57,640. The 22-karat rate (91.6% purity) fell to ₹1,43,200 per 10 grams, down ₹1,300 from Friday’s ₹1,44,500. The 18-karat price (75% purity) eased to ₹1,17,170 per 10 grams, retreating ₹1,060 from Friday’s ₹1,18,230. On a per-gram basis, 24K gold now stands at ₹15,622, 22K at ₹14,320 and 18K at ₹11,717.

Monday’s ₹1,420 decline in 24K is the steepest single-session fall since the post-tariff correction began in mid-May and marks a significant acceleration from Friday’s ₹650 drop. The cumulative five-session decline in 24K gold from last Wednesday’s ₹1,58,290 now stands at ₹2,070 per 10 grams, as the market digests the combined effect of easing geopolitical risk, a softening US dollar and some moderation in domestic retail demand at elevated price levels.

The preliminary US-Iran agreement to extend their ceasefire by 60 days and reopen the Strait of Hormuz, reported last Thursday, has shifted the short-term macro narrative away from conflict escalation and toward diplomatic resolution  a development that reduces the urgency of safe-haven gold buying even as the deal remains to be formally approved by both governments.

Gold remains a long-term inflation hedge and store of value, and analysts note that the 15 per cent import duty introduced in May has structurally raised the domestic price floor, making any sustained decline toward pre-tariff levels unlikely regardless of near-term macro sentiment.

City-Wise Gold Rates: Southern and Western India

Chennai remained India’s most expensive gold market on Monday, quoting 24-karat gold at ₹1,58,180 per 10 grams, 22-karat at ₹1,45,000 and 18-karat at ₹1,21,800 — a structural premium over the national benchmark that continues to reflect the pricing conventions of Tamil Nadu’s bullion associations and the enduring strength of southern jewellery demand even in a softer market. Mumbai, Kolkata, Bangalore, Hyderabad, Kerala and Pune were all uniformly pegged at the national benchmark of ₹1,56,220 for 24-karat, ₹1,43,200 for 22-karat and ₹1,17,170 for 18-karat gold per 10 grams, each declining sharply from Friday’s close.

Delhi quoted 24-karat gold at ₹1,56,370 per 10 grams, 22-karat at ₹1,43,350 and 18-karat at ₹1,17,320 on Monday — a marginal premium above the national benchmark consistent with the capital’s established dealer margin structure. Vadodara and Ahmedabad were both quoted at ₹1,56,270 for 24-karat, ₹1,43,250 for 22-karat and ₹1,17,220 for 18-karat gold per 10 grams, modestly above Mumbai in line with Gujarat’s convention. Monday’s broad-based and proportional declines across all cities confirm the move was nationally driven rather than the result of any localised supply or demand factor.

Gold Rates (10 gm) Across Major Indian Cities – Monday, June 1, 2026

Source: goodreturns.in | Monday, June 1, 2026