New Delhi: Gold prices in India have slipped below the psychologically important ₹1.5 lakh per 10 grams level after a sharp decline in global bullion markets, providing relief to consumers and potentially reviving demand that had weakened due to record-high prices. The correction comes after gold touched historic highs earlier this year amid geopolitical tensions and strong safe-haven demand.
According to market data, domestic gold futures fell nearly 2% on June 10, with prices dropping to around ₹1,49,500 per 10 grams, their lowest level in more than a month. The decline was largely driven by weakness in international gold prices as investors booked profits and shifted toward riskier assets.
The latest fall is significant because gold has now moved below levels seen before the government’s decision to increase gold and silver import duties from 6% to 15% in May. Despite the higher import taxes, the global sell-off has been strong enough to push domestic prices lower.
Gold had enjoyed a remarkable rally over the past year, driven by geopolitical conflicts, central bank purchases, concerns over global economic growth and demand for safe-haven assets. Earlier in 2026, domestic gold prices crossed the ₹1.5 lakh mark for the first time in history.
Market analysts believe the current correction could encourage consumers who had postponed purchases due to elevated prices. India, the world’s second-largest gold consumer, has witnessed subdued jewellery demand in recent weeks as many buyers waited for prices to cool.
Jewellers across major cities are expected to benefit from the price decline, particularly as wedding purchases and investment demand may pick up. Industry experts note that Indian consumers traditionally view price corrections as buying opportunities, especially for long-term investments and family purchases.
The decline has also affected silver prices, which have fallen alongside gold amid broader weakness in precious metals. Commodity markets have become increasingly volatile as investors react to changing expectations regarding interest rates, inflation and global economic conditions.
Despite the recent correction, analysts remain broadly positive on gold’s long-term outlook. Ongoing geopolitical uncertainties, central bank buying and concerns over global economic stability continue to provide support for the precious metal.
However, the government’s recent increase in import duties has created additional challenges for the industry. The higher tax structure has reportedly widened the price gap between legal and illegal imports, contributing to concerns about increased gold smuggling.
Investors are now closely monitoring global economic data, US monetary policy signals and developments in the Middle East, all of which could influence the next direction of gold prices. Market experts suggest that continued volatility is likely in the near term.
For consumers, the latest dip offers an opportunity to enter the market at lower levels after months of record prices. Whether the correction proves temporary or develops into a longer-term trend will depend largely on global economic and geopolitical developments in the weeks ahead.
