Gold prices dip in India and Dubai as a strong dollar pressures the market

India's gold market showed mixed movements in late June 2026. On June 25, gold futures on the MCX rose modestly to Rs 1,41,675 per 10 g after a sharp sell‑off, but remained close to a six‑month low, with analysts linking the trend to a stronger US dollar and expectations of further Federal Reserve rate hikes. Retail rates also fell that day, with 22‑carat gold at Rs 1,05,120 per sovereign, down Rs 1,680 from the previous session, while silver slipped to Rs 230 per gram.

By June 26, city‑wise prices in India were largely stable, with 24‑karat gold at ₹14,132 per gram. Market observers noted that global factors – heightened Middle‑East tensions, rising oil prices, a firm US dollar and higher US Treasury yields – continued to weigh on bullion demand.

In Dubai, gold prices steadied on June 26, with 24‑karat gold quoted at INR 1,24,910 per 10 g after a recent decline that offered a price break for shoppers. Traders warned that volatility would persist as the metal remains sensitive to dollar movements and US monetary‑policy signals.

Despite high price levels, Indian jewellery demand stayed resilient. Indriya CEO Sandeep Kohli said, “Volatility in any kind of pricing is not something consumers like, but the demand does not go down,” noting that buyers are adjusting purity choices and purchasing patterns while continuing to buy for weddings and festivals.