Gold prices experienced a significant rally on April 8, 2026, with 24-carat gold prices increasing by ₹3,980 or 2.65% per 10 gm to retail at ₹1,54,100. Similarly, 22-carat gold prices surged by ₹3,650 or 2.65% to ₹1,41,280. According to reports from Upstox, the gains were driven by international price movements following geopolitical developments.
The rally in global bullion prices was primarily attributed to a temporary US-Iran ceasefire reached by President Donald Trump, as reported by Upstox. This development eased energy-specific inflationary concerns and supported precious metal prices internationally. Additionally, gold exchange-traded funds (ETFs) recorded a sharp rally of up to 4%, reflecting the broader market sentiment. The ceasefire entered its fifth day and is described as a short-term truce, with claims from both sides that it has already been violated, amid confusion over whether Lebanon is included in the agreement.
Major jewelry brands maintained competitive pricing across different carat variations. Tanishq priced 22-carat gold at ₹1,41,400 per 10 gm and 24-carat at ₹1,54,250. Joyalukkas offered 22-carat gold at ₹1,41,000 per 10 gm, while Kalyan Jewellers priced 22-carat at ₹1,41,000 per 10 gm and 24-carat at ₹1,53,820. As reported by Upstox, price variations across brands reflect factors including brand-specific markups, differential making charges, and local demand patterns.
According to Upstox data, Delhi recorded the highest prices at ₹1,54,100 for 24-carat and ₹1,41,280 for 22-carat gold. Mumbai followed with 24-carat at ₹1,53,960 and 22-carat at ₹1,41,140. Kolkata, Chennai, and Hyderabad showed relatively similar pricing patterns, while Pune and Bangalore recorded slightly lower rates. The uniformity across major metropolitan cities indicates consistent market dynamics across different regions.
Gold futures for June delivery on MCX were trading with gains of 2.58% or ₹3,872 at ₹1,54.161 per 10 gm as of 12:30 pm IST, according to Upstox. The domestic price gains were supported by swift overseas bullion price movements and a decline in the dollar index due to fresh risk-on sentiment. The India Bullion and Jeweller's Association (IBJA) indicative retail selling rates showed fine gold (999) at ₹15,112, 22-carat at ₹14,749, 18-carat at ₹12,241, and 14-carat at ₹9,747. However, recent trading shows gold futures on MCX crossed ₹1,52,117 but are 0.35% below their previous close, while silver edged 1.65% lower at ₹2,39,267 per kilogram.
