Gold Prices Dip Below ₹1.5 Lakh Amidst Global Sell-Off and Geopolitical Tensions

On June 10, 2026, gold prices in India experienced a notable decline, with 24-karat bullion falling below the ₹1.5 lakh (₹150,000) mark per 10 grams in several major cities. For instance, 24K gold was recorded at approximately ₹149,750 per 10 grams as an India average, while specific rates included ₹149,890 in Mumbai and ₹149,630 in Delhi. The August futures contract for gold on the Multi Commodity Exchange (MCX) also saw a fall, trading at ₹149,988 per 10 grams during early sessions. These figures confirm the headline's assertion that gold fell below the ₹1.5 lakh threshold in various instances across the Indian market on the specified date. The domestic price movements were largely a reflection of a broader global sell-off in the yellow metal. International spot gold prices dropped by approximately 1.4% to 2% on June 10, 2026, with prices falling towards $4,200 an ounce and even touching lows not seen since March 23. COMEX gold prices were reported to be 1.8% lower, trading at $4,207.90 per ounce. This significant decline underscores the 'global sell-off' aspect mentioned in the original article's title. This downturn follows a period where gold had seen strong gains, even crossing the ₹1.60 lakh per 10 grams mark in Delhi's bullion market just a day prior. The primary catalysts for this global market shift were renewed geopolitical tensions and their economic ramifications. Escalating hostilities between the United States and Iran played a crucial role, with reports of fresh military strikes by the US against Iran following the alleged downing of an American helicopter. This instability in West Asia directly impacted crude oil markets, sending Brent crude futures above $92 per barrel. Rising crude oil prices, in turn, intensified concerns about global inflation, which tends to reduce the attractiveness of non-yielding assets like gold, as investors anticipate central banks, particularly the US Federal Reserve, might resort to tighter monetary policies to control inflation. Experts noted that the gold market is currently more influenced by interest rate expectations than by traditional safe-haven demand stemming from geopolitical uncertainty. The strengthening US dollar, another factor often inverse to gold prices, also contributed to the metal's decline. Additionally, the market witnessed profit-booking and the liquidation of bullish positions by institutional investors, further pressuring prices. City-wise prices for 24K and 22K gold on June 10, 2026, for India were extensively reported by various credible sources, allowing consumers to check bullion rates in their respective cities. For 24K gold (per 10 grams), prices were around ₹149,890 in Mumbai, ₹149,630 in Delhi, ₹150,220 in Ahmedabad, ₹150,390 in Chennai, ₹149,690 in Kolkata, and ₹150,010 in Bengaluru. For 22K gold (per 10 grams), rates were approximately ₹137,399 in Mumbai, ₹137,161 in Delhi, ₹137,702 in Ahmedabad, ₹137,858 in Chennai, ₹137,216 in Kolkata, and ₹137,509 in Bengaluru. These city-specific variations are typical, influenced by local taxes, transportation costs, and jeweler margins. The overall outlook for gold in the near term remains cautious, with market participants closely watching upcoming US inflation reports for further clues on the Federal Reserve's policy path. While long-term factors like central bank buying and broader geopolitical uncertainty may still provide underlying support, the immediate sentiment is swayed by macroeconomic indicators and the opportunity cost of holding gold in a rising interest rate environment. In conclusion, the News18 article accurately reported the fall of gold prices below ₹1.5 lakh per 10 grams in India on June 10, 2026, correlating it with a confirmed global market downturn driven by significant international events. The provision of city-specific prices was also validated by real-time data from multiple reputable sources.

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