Gold rates in India crashed deeply by nearly Rs 30,500 across major cities on Saturday, June 6, 2026. 10 grams gold of 24 carat struggled around Rs 152,730 in cities like Mumbai, Hyderabad, Kerala, Bengaluru and Kolkata, while the steepest decline was seen in Chennai aner cities.
Along similar lines, silver rates in India dropped by Rs 10,000 to hit Rs 2.65 lakh per 1 kg mark today.
Indian gold rates nosedived after spot gold touched its lowest level in 2026 to $4,330 per ounce, and recorded a weekly decline of a 4%. Meanwhile, spot silver crashed severely by 9% yesterday. This is due to stronger dollar as the uncertainty in Middle East has heightened inflation and interest rates hike concerns.
Also, the US non-farm payroll data revealed that US economy added 172,000 jobs in May, which was more than double the market forecast of 85,000. Moreover, the unemployment rate stood at 4.3% and annual wage growth dipped mildly to to 3.4%.
This prompted investors to increase bets on a Federal Reserve interest rate hike, with markets now pricing in a quarter-point increase by year-end. Meanwhile, investors closely monitored developments in the Middle East, where US President Donald Trump stated that peace negotiations were nearing their final stage. However, Iran’s Foreign Minister dismissed any meaningful progress, and Iran-backed Hezbollah rejected a US-mediated ceasefire proposal, as per Trading Economics.