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Key Takeaways
On 5th June 2026, the price of gold stood at $4,328 an ounce, which is 3.28% lower than the previous day. There are increased risks of higher rates from the Federal Reserve of the United States, thus lowering the prices of gold.
This is due to a positive number from the US jobs report, where the number of added jobs was 172,000 compared to an expectation of 85,000 additions.
The rate of 24K gold in India decreased to 1,56,100 on 5th June per 10 grams. In the cities of Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune, the same rates for gold were prevailing.
Whereas in Chennai, the most expensive market, gold is trading at 1,57,960 per 10 grams. However, a fall in global prices doesn’t mean India will experience a similar decline because of taxes and depreciation of the rupee.
A price correction opens up a limited window of opportunity, but there are circumstances. According to a World Gold Council report, “Gold Demand Trends,” India recorded a 20% y-o-y and 44% q-o-q growth in net recycled gold in Q1 2026 to 31.2 tonnes. The current high prices have already made numerous households exchange their old jewelry rather than purchase something new.
Here is how gold prices moved through June 2026 in Delhi, below:
Suvankar Sen, Senco Gold CEO, explained, “Rising prices of gold, increased import duty, and the need to reduce imports are pushing the trend towards exchange and recycling of old gold.” Today’s rate is significantly cheaper compared to June 1’s opening rate for those investors who missed the May fall.
According to Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, the medium-term outlook for gold remains negative. In particular, he pointed out that a price breakout under $4,400 could see $4,366 as the next target point.
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The analyst did not entirely discount the chance of an ensuing decline to $4,099-a cycle low touched on March 23, 2026.
Global market watchers expect gold to move in the range of $4,186-$4,933 in June 2026. Analysts are still bearish for the year-end, with geopolitical tensions ongoing and possible hikes from the Fed.
When talking about Indian prices, most commodity desks suggest refraining from buying gold on relief rallies until a clearer signal appears.
Gold prices have corrected from recent highs. The global driver of the decline in prices is a surprisingly good US jobs report, not some structural changes. Domestic buyers who have been on the sidelines have gotten a slightly better entry point for now. With further downside risks expected by analysts in the global market, there is no hurry to enter the market. The global spot support of $4,366 should be closely watched. If the prices remain the same, we can expect the Indian price range to be around ₹1,55,000 to ₹1,57,000.
Q1. Why did gold prices in India fall after the US jobs report?
Strong US jobs numbers raised expectations for US interest rates to stay higher for longer. This pushed global gold prices down. Lower international prices generally lead to lower domestic prices as well since India imports most of its gold, though taxes and the rupee’s value can affect the final rate.
It is possible. Analysts have suggested that gold might stay pressured as long as there are expectations for interest rate increases in the United States. Nevertheless, future movements in prices will depend on economic developments globally, policy decisions by central banks, and geopolitical occurrences. While no sharp fall is expected, some decline is possible.
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