SRINAGAR: Gold prices declined by Rs 2,500 to Rs 1.60 lakh per 10 grams in the national capital on Monday, tracking weakness in global markets amid renewed military exchanges between the United States and Iran, which pushed crude oil prices higher and strengthened the US dollar.
According to the All India Sarafa Association, gold of 99.9 per cent purity fell by Rs 2,500, or 1.53 per cent, to Rs 1,60,400 per 10 grams (inclusive of all taxes) from the previous closing level on Friday, May 29, 2026. The data was also reflected in bullion trade updates carried by Reuters and Bloomberg, which reported broad weakness across precious metals.
Silver prices also registered a steep fall, declining by Rs 5,000, or nearly 2 per cent, to Rs 2,69,700 per kilogram (inclusive of taxes), compared with 2,74,700 per kg in the previous session, according to the All India Sarafa Association and global market updates reported by Times of India
Market analysts said bullion came under pressure due to a combination of geopolitical escalation in West Asia, a firmer dollar, and rising US Treasury yields, which reduced demand for non-yielding assets such as gold and silver.
“Gold started the week on a weaker note as renewed tensions between the U.S. and Iran over the weekend boosted crude oil prices and strengthened the dollar,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, in comments carried by Reuters and CNBC-TV18. He added that higher US bond yields further weighed on investor appetite for precious metals.
In international markets, spot gold slipped nearly 1 per cent to around $4,504.97 per ounce, while silver gained about 1 per cent to $75.93 per ounce, according to global trading data reported by Bloomberg and Reuters.
Spot gold remained volatile near the $4,500 per ounce level on Monday, while silver edged close to $76 per ounce as markets reacted cautiously to uncertainty surrounding the US-Iran ceasefire framework, said Kaynat Chainwala, AVP Commodity Research at Kotak Securities, in a note cited by Bloomberg and CNBC-TV18.
Analysts said bullion markets are likely to remain sensitive to developments in West Asia as well as upcoming US macroeconomic data, which could influence interest rate expectations.
This week, investors will closely track US jobs data, along with remarks from Federal Reserve officials and US Treasury Secretary Scott Bessent, for further cues on monetary policy direction, analysts said in reports carried by Bloomberg and Reuters.
Traders will also watch geopolitical developments in West Asia for additional direction in global bullion prices, they added.
