India's gold price crosses ₹1.56 lakh per 10 g amid US‑Iran tensions

On June 2, 2024 the price of 24‑carat gold in India rose to ₹1,56,294 per 10 g, up ₹758 from the previous day, while silver traded above ₹2.65 lakh per kilogram. The India Bullion & Jewellers Association reported parallel gains in spot and futures markets, with the August 2026 gold contract advancing 0.55 % to ₹1,60,120 and the July 2026 silver contract gaining 1.59 %. Analysts linked the surge to heightened US‑Iran conflict risk, a strengthening U.S. dollar, and higher crude‑oil prices.

A second report noted that on June 3 the 24‑carat gold price ranged between ₹1,55,260 and ₹1,56,370 per 10 g, and 22‑carat gold stayed near ₹1,42,220‑₹1,43,350. Domestic silver prices hovered around ₹2.62‑₹2.66 lakh per kg. Internationally, spot gold was near $4,470 per ounce and spot silver around $74.44 per ounce. Market observers cautioned that until US‑Iran negotiations and global monetary policy clear, further sharp moves are unlikely, though strong retail demand provides a floor for gold prices.