Gold Price Falls for Second Day — Rs. 1,49,840 per 10g Today: Should You Buy Now?
Story By -
Jack Miller 2026-04-07 Personal Finance, India Economy 12
Gold has dropped for the second consecutive day in India. After touching record highs above ₹1.73 lakh per 10 grams in early March — driven by the eruption of the Iran-US-Israel war and panic buying across global markets — gold has now corrected sharply. As of April 7, 2026, 24-carat gold in India is trading at approximately ₹1,49,840 per 10 grams, down about ₹820 from yesterday. That is a fall of roughly 14 percent from the March peak in just over a month.
For buyers who have been waiting on the sidelines, this two-day correction is drawing attention. Here is what is actually happening and how to think about it.
Today's Gold Rates — City Wise
|
City
|
24K
(per 10g)
|
22K
(per 10g)
|
18K
(per 10g)
|
|
Delhi
|
₹1,50,810
|
₹1,38,250
|
₹1,13,140
|
|
Mumbai
|
₹1,50,660
|
₹1,38,100
|
₹1,12,990
|
|
Bengaluru
|
₹1,50,660
|
₹1,38,100
|
₹1,12,990
|
|
Chennai
|
₹1,52,620
|
₹1,39,900
|
₹1,16,700
|
|
Hyderabad
|
₹1,50,660
|
₹1,38,100
|
₹1,12,990
|
|
Kolkata
|
₹1,50,660
|
₹1,38,100
|
₹1,12,990
|
|
Ahmedabad
|
₹1,50,710
|
₹1,38,150
|
₹1,13,040
|
|
Jaipur
|
₹1,50,810
|
₹1,38,250
|
₹1,13,140
|
Note: Prices exclude 3% GST and making charges. Final jewellery purchase cost will be higher.
International spot gold is currently trading at approximately $4,685 per ounce, having retreated from the peak of around $4,784 on April 2.
Silver has remained relatively stable. Across India, 999 fine silver is trading at approximately ₹2,49,900 per kilogram.
Why Has Gold Fallen?
Three factors are driving the current correction.
Profit booking by large investors. Gold surged almost 30 percent between January and early March as the Iran war sent investors rushing into safe-haven assets. At those levels — above ₹1.73 lakh per 10 grams — institutional investors began selling to lock in gains. That selling pressure has pulled prices down steadily over the past few weeks.
A stronger US dollar. When the dollar strengthens, gold typically falls. The dollar has gained recently as US Treasury yields have risen, making dollar-denominated bonds a more attractive alternative to gold for global investors. Since India buys gold in dollars, a stronger dollar also means gold becomes relatively cheaper in rupee terms even before the global price moves.
Cooling geopolitical fear premium. When the Iran war first erupted at the end of February, markets priced in worst-case scenarios — a full Hormuz shutdown, a regional war spreading rapidly, and catastrophic oil price spikes. While the conflict continues and is serious, the initial panic has eased somewhat as UAE air defences have proven more effective than feared and some de-escalation signals have emerged. This has reduced the "fear premium" that was baked into gold's record March prices.
Is This a Good Time to Buy?
That depends on what you are buying for.
For jewellery purchases — weddings, gifts, or occasions coming up in the next few months — the current correction does offer a window that was not available in March. The Akshaya Tritiya festival, traditionally one of India's largest gold-buying occasions, falls in late April this year. Prices may face upward pressure again as that date approaches and wedding season demand builds. Buying now avoids that potential spike.
For investment purposes, Gold ETFs or Sovereign Gold Bonds are worth considering over physical gold, as you avoid the 3 percent GST and the making charges that add 8 to 38 percent to the cost of jewellery. If you are investing for the long term (3 years or more), the current level represents a meaningful pullback from March peaks. However, if the Iran war de-escalates further and global risk appetite returns, gold could correct further toward the ₹1.40–1.45 lakh range before finding support.
Key risk to watch: If President Trump carries through on his threats to bomb Iran's power plants and the conflict escalates rather than ending, the fear premium could return and push gold back above ₹1.60 lakh quickly. Gold markets are extremely sensitive to war developments right now.
Silver — What Is Happening
Silver in India is currently trading at approximately ₹2,50,000 per kilogram — relatively stable over the past week. Internationally, silver is around $72.98 per ounce, which is more than 20 percent below its all-time high of around $121 reached in January 2026. Silver has underperformed gold in this cycle, partly because its industrial demand components (electronics, solar panels) are affected by the global economic slowdown triggered by the war.
Bottom Line
Gold is in a correction phase, having fallen about 14 percent from March highs. Today's ₹1,49,840 level is still significantly above where the metal was at the start of 2026 — it was trading around ₹95,000–1,00,000 per 10 grams in early January. If you have a specific near-term need for physical gold, the current window is more favourable than March. If you are purely investing, Gold ETFs offer a cleaner exposure without the friction costs of jewellery.
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