Gold prices on the Multi Commodity Exchange (MCX) fell below the Rs 1.53 lakh mark per 10 grams on June 8, 2026, as geopolitical tensions escalated after missile attacks between Iran and Israel. The precious metal, which had been trading near record highs, witnessed a sharp decline amid risk-off sentiment and profit booking by investors.
Gold Prices on MCX
The most active gold futures contract for August delivery on MCX opened at Rs 1,52,800 per 10 grams, down from the previous close of Rs 1,54,200. During the session, prices touched an intraday low of Rs 1,51,500 before recovering slightly to trade around Rs 1,52,000. The decline was driven by safe-haven unwinding as traders assessed the impact of the Iran-Israel conflict on global markets.
Factors Behind the Fall
Analysts attributed the drop to multiple factors:
- Geopolitical tensions: Missile attacks between Iran and Israel triggered a flight to safety initially, but later profit booking pulled prices down.
- Stronger US dollar: The dollar index surged to a multi-month high, making gold more expensive for holders of other currencies.
- Rising bond yields: US Treasury yields climbed, reducing the appeal of non-yielding assets like gold.
- Technical selling: Gold failed to hold key support levels, prompting algorithmic and speculative selling.
City-Wise Gold Rates
Here are the gold rates (per 10 grams of 24-carat) in major Indian cities on June 8, 2026:
- Delhi: Rs 1,52,500
- Mumbai: Rs 1,52,300
- Chennai: Rs 1,52,800
- Kolkata: Rs 1,52,400
- Bengaluru: Rs 1,52,600
- Hyderabad: Rs 1,52,700
- Ahmedabad: Rs 1,52,350
- Jaipur: Rs 1,52,550
Rates vary slightly due to local taxes and making charges. Silver also witnessed a decline, falling below Rs 72,000 per kg on MCX.
Outlook
Market experts believe gold may remain volatile in the near term. "The Iran-Israel situation is fluid, and any escalation could trigger a fresh rally in gold. However, if tensions de-escalate, prices may correct further towards Rs 1,50,000," said a senior analyst. Investors are advised to watch for diplomatic developments and key economic data from the US.
