MUMBAI : Gold prices edged lower on Thursday, snapping a multi-day rally as investors reacted to cooling geopolitical tensions following a national address by US President Donald Trump. The dip ends a brief period of recovery for the precious metal, which had been regaining ground after a significant correction from earlier all-time highs.
As of April 2, 2026, the retail price for 24-carat gold stood at ₹1,51,700 per 10 grams, a slight decline from Wednesday’s closing of ₹1,51,760. Similarly, 22-carat gold slipped to ₹1,39,080, down from the previous day’s ₹1,39,130. Despite today’s marginal softening, the metal remains on a strong short-term trajectory; over the last 10 days, 24-carat gold has surged by nearly ₹7,000, while 22-carat gold has gained more than ₹6,000.
Geopolitical Shifts and Market Reaction
The downward pressure on bullion followed a first national address by President Trump since the onset of recent hostilities. While Trump maintained a stern stance, stating the US would continue to hit Iran “extremely hard,” markets interpreted the clarity as a signal to book profits. With much of the geopolitical risk already priced in, traders shifted capital toward riskier assets, dampening the demand for gold’s traditional safe-haven status.
On the international stage, spot gold fell 1.9% to $4,667.6 per ounce by mid-morning. US gold futures saw a steeper decline, sliding 2.4% to $4,696.34. Domestically, the impact was mirrored on the Multi Commodity Exchange (MCX), where June expiry contracts plunged 1.7% — a drop of ₹2,608 — to trade at ₹1,51,100 per 10 grams.
Retail and Brand-Wise Breakdown
Prices at the retail level continue to fluctuate based on regional demand, transportation overheads, and brand-specific making charges.
Major Brand Rates (Per 10g):
- Tanishq: 24-carat at ₹1,53,380; 22-carat at ₹1,40,600.
- Joyalukkas: 22-carat retail price at ₹1,40,200.
- Kalyan Jewellers: 22-carat priced at ₹1,38,850 (as of April 1).
The India Bullion and Jewellers Association (IBJA) also released indicative retail rates for jewelry as of April 1, with Fine Gold (999) pegged at ₹14,957 and 22-carat at ₹14,598.
| Cities | 24 Carat | 22 Carat |
|---|---|---|
| Delhi | ₹1,53,110 | ₹1,40,360 |
| Mumbai | ₹1,52,960 | ₹1,40,210 |
| Kolkata | ₹1,52,960 | ₹1,40,210 |
| Chennai | ₹1,53,280 | ₹1,40,510 |
| Hyderabad | ₹1,52,960 | ₹1,40,210 |
| Ahmedabad | ₹1,53,010 | ₹1,40,260 |
| Bengaluru | ₹1,52,960 | ₹1,40,210 |
While the previous fiscal year was defined by extreme volatility, market analysts generally maintain a bullish outlook for the yellow metal in the long term, citing underlying economic uncertainties despite the current session’s profit-taking.
