India gold and silver prices plunge sharply as strong dollar and geopolitical uncertainty hit markets

India’s gold and silver markets saw a pronounced drop on June 19‑20, 2026. The 24‑carat gold price fell below ₹1.5 lakh per 10 g, reaching ₹1,50,600, while silver fell to ₹2,40,700 per kg. On the Multi Commodity Exchange (MCX), gold futures opened around ₹1,47,175 and traded down by roughly ₹2,100, and silver futures opened near ₹2,32,371 and slipped by about ₹5,200. Internationally, spot gold fell to about $4,182 per ounce and silver to $64.43 per ounce, both at multi‑day lows.

Analysts linked the decline to a robust U.S. dollar, a hawkish Federal Reserve stance, and heightened uncertainty surrounding a pending U.S.–Iran peace agreement after a high‑level Swiss talks cancellation. The resulting risk‑off sentiment drove investors toward the dollar and away from precious metals, amplifying the price pressure in both domestic and global markets.