Gold and silver prices in India and global markets took a sharp hit on Thursday, April 2, 2026, snapping a four-day winning streak. The downturn followed US President Donald Trump’s address to the nation, where he claimed “Operation Epic Fury” was nearing completion but vowed to hit Iran “extremely hard” for the next two to three weeks.
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The lack of an immediate ceasefire and the threat to target Iranian power plants triggered a massive sell-off in precious metals as the US Dollar strengthened on “Safe Haven” certainty rather than speculative fear.
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Gold Rates Today (per 10 grams)
Domestic prices in India fell by approximately ₹2,500 for 24K gold compared to yesterday’s peak, reflecting the 2.8% slide in global spot prices.
| Gold Purity | April 2, 2026 (Today) | April 1, 2026 (Yesterday) | 24-Hour Change |
| 24 Carat | ₹1,48,970 | ₹1,51,480 | – ₹2,510 |
| 22 Carat | ₹1,36,550 | ₹1,38,850 | – ₹2,300 |
| 18 Carat | ₹1,11,730 | ₹1,13,610 | – ₹1,880 |
City-Wise Retail Gold Rates (1 gram)
While prices dropped nationwide, Chennai continues to maintain a premium over other major metros due to high local demand and supply chain logistics.
| City | 24K (1g) Today | 22K (1g) Today | 18K (1g) Today |
| Chennai | ₹15,218 | ₹13,950 | ₹11,635 |
| New Delhi | ₹14,912 | ₹13,670 | ₹11,188 |
| Mumbai | ₹14,897 | ₹13,655 | ₹11,173 |
| Kolkata | ₹14,897 | ₹13,655 | ₹11,173 |
| Bengaluru | ₹14,897 | ₹13,655 | ₹11,173 |
| Ahmedabad | ₹14,902 | ₹13,660 | ₹11,178 |
Silver Rates Today (per 10 grams)
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Silver witnessed an even more dramatic crash, falling 5.4% globally as industrial outlooks wavered. In India, the price per kilogram has dropped significantly.
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Delhi/Mumbai/Kolkata: ₹2,500 (per 10g) / ₹2,50,000 per kg
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Chennai/Hyderabad/Kerala: ₹2,550 (per 10g) / ₹2,55,000 per kg
Investigative Insight: The “End-Game” Liquidation
The 4% intraday drop in spot gold is a classic “Sell the Fact” reaction. For weeks, gold was rising on the uncertainty of the Iran conflict. Now that President Trump has provided a specific 2-to-3 week timeline to “finish the job,” that uncertainty has been replaced by a clear (albeit violent) roadmap. Traders are liquidating gold to move back into the US Dollar, which gained 0.2% today as the “Stone Age” rhetoric suggests a total US military dominance that reduces the risk of a prolonged, decade-long quagmire.
Furthermore, the 5.4% crash in silver is a warning sign for the global economy. Silver is both a precious and an industrial metal. With Trump threatening Iranian infrastructure and power plants, markets are bracing for a massive disruption in regional industrial activity and a potential long-term blockade of the Strait of Hormuz. If the “Stone Age” ultimatum leads to a total halt in regional trade, silver’s industrial utility drops, dragging its price down faster than gold’s.
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