Precious metal prices saw a notable decline on Monday, April 20, 2026, as a strengthening U.S. dollar and a resurgence of geopolitical tensions in the Strait of Hormuz reshaped market sentiment. Despite the dip, retail prices in India remain near historic highs following the conclusion of the Akshaya Tritiya festival.
On the Multi Commodity Exchange (MCX), gold futures for May delivery fell by 1.15% to approximately ₹1,51,410 per 10 grams. Silver futures witnessed a sharper correction, plunging 1.88% to trade at ₹2,52,304 per kg.
City-Wise Gold Rates (per 10 grams)
While futures cooled, physical retail rates stabilized near record levels. Prices listed below are indicative and exclude 3% GST and making charges.
| City | 22K Gold (Jewellery) | 24K Gold (Pure) |
|---|---|---|
| Mumbai | ₹1,42,790 | ₹1,55,580 |
| Delhi | ₹1,42,740 | ₹1,55,730 |
| Chennai | ₹1,42,790 | ₹1,55,580 |
| Bengaluru | ₹1,42,790 | ₹1,55,580 |
| Hyderabad | ₹1,42,790 | ₹1,55,580 |
| Kolkata | ₹1,42,790 | ₹1,55,580 |
| Ahmedabad | ₹1,42,640 | ₹1,55,630 |
| Jaipur | ₹1,42,740 | ₹1,55,730 |
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Global Market Context
- The Dollar Effect: The U.S. Dollar Index strengthened, making gold more expensive for international buyers and triggering profit-booking after last week’s rally.
- Geopolitical Volatility: The renewed closure of the Strait of Hormuz and the U.S. seizure of an Iranian cargo ship have sent oil prices surging. This has revived fears that inflation will remain “sticky,” potentially keeping global interest rates higher for longer.
- International Spot Price: Spot gold retreated to approximately $4,790–$4,809 per ounce, while international silver traded near $79.80 per ounce.
Why are prices falling today?
- Profit Booking: Following the massive price surge during the Akshaya Tritiya peak, investors are securing gains.
- Energy Shock: Rising oil prices due to the Middle East conflict are causing stock market jitters and a pivot toward the dollar.
- Post-Festival Cooling: Domestic demand in India has turned slightly cautious as consumers react to the unprecedented ₹1.5 lakh milestone for 10 grams of gold.
Investor Note: With the ceasefire between the U.S. and Iran hanging by a thread, market volatility is expected to remain high. Analysts suggest that the next major price movement will depend on whether diplomatic negotiations resume before the current truce expires on Tuesday.