Gold and silver rates faced significant pressure on Thursday, April 9, 2026. The global market remained cautious as the escalating crude oil prices, fueled by Israel's strike on Lebanon, overshadowed any immediate relief following the US-Iran ceasefire announcement.
The caution seen in global markets translated directly to commodity trading. Gold saw a notable dip, even after an initial rebound driven by value buying. Silver experienced a sharper decline, falling by 2% or more than ₹ 4,700 per kg.
Impact of Global Uncertainty on Precious Metals
Market sentiment was heavily influenced by geopolitical flashpoints. Despite the US and Iran announcing a ceasefire, the report of Israel attacking Lebanon created immediate waves of uncertainty.This tension directly impacted global crude oil rates. The ensuing volatility in energy markets put downward pressure on gold and silver prices across major exchanges.
MCX gold rates opened with a downside gap at ₹ 1,50,647 per 10 gm. Although it managed to recover slightly to cross above the ₹ 1,51,000 mark, the day still saw the metal trade 0.50% lower than its previous closing level.
Current Gold Rate India: City-Wise Comparison
Investors looking to buy gold should note the slight variations across major metros. As of the reporting date, 24 kt gold rates ranged from ₹ 1,51,160 in Delhi to ₹ 1,51,790 in Chennai.For the 22 kt segment, rates were also tracked closely. In Mumbai, 22 kt gold was quoted at ₹ 1,38,756. Conversely, Chennai recorded the highest rate for this segment at ₹ 1,39,141.
The 18 kt gold rate saw similar regional fluctuations. Delhi quoted 18 kt gold at ₹ 1,13,370, while Chennai reported it at ₹ 1,13,843.
Tracking Silver Rates: Value by Weight in Key Cities
Silver rates also displayed varied readings across the country. In Delhi, the price was quoted at ₹ 2,367 for 10 gm and ₹ 2,36,660 for 1 kg.Mumbai maintained a consistent reading, with silver priced at ₹ 2,371 for 10 gm and ₹ 2,37,070 for 1 kg. Kolkata's rate for 1 kg stood at ₹ 2,36,760.
Chennai presented the highest rate for silver in the report, listing 1 kg at ₹ 2,37,810. Bengaluru was quoted at ₹ 2,37,310 per kg, reflecting moderate movement amid ongoing uncertainties.
Factors Driving Silver’s Two Percent Fall
The pronounced drop in the silver rate was attributed to several converging factors. Investors were attempting to gauge the sustainability of the US-Iran ceasefire agreement.Moreover, a muted trend observed in the US dollar market also contributed to the decline in the silver commodity.
These developments suggest that while geopolitical events are a key factor, the movement in key global currencies also dictates the immediate trajectory for precious metals.
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