Gold and silver crash today (April 2, 2026): 24K gold rates drop after massive weekly surge
New Delhi: In a dramatic shift for the bullion market, gold prices in India took a sharp U-turn on Thursday, snapping a five-day winning streak. After a staggering jump of Rs 84,000 per 100 grams over the last week, 24K gold saw a significant correction today. Silver followed suit, marking a rare moment of relief for retail buyers who have been facing skyrocketing prices for nearly half a year.
The sudden dip is largely attributed to a rebounding US Dollar and shifting investor sentiment following US President Donald Trump’s latest statements regarding the ongoing Iran-US conflict. While the geopolitical climate remains tense, the lack of a definitive timeline for de-escalation has pushed crude oil prices back above $100 per barrel, reigniting inflation fears and driving bond yields higher.
Why are precious metals falling?
According to market experts, the interplay between oil prices and the dollar is the primary culprit. As oil prices rise, inflation risks increase, leading to expectations of higher interest rates. Since gold is a non-yielding asset, higher rates make it less attractive compared to bonds. Additionally, a stronger USD makes gold more expensive for international buyers, further dampening demand.
Gold rates in India on April 2, 2026
The price of 24K gold plummeted by Rs 1,530 per 10 grams, bringing the rate to Rs 1,51,420. Meanwhile, the jewelry-standard 22K gold saw a dip of Rs 1,400 per 10 grams.
Below is the breakdown of gold prices across major Indian metros:
| City | 24K Gold (per 10g) | 22K Gold (per 10g) | 18K Gold (per 10g) |
| Mumbai | Rs 1,51,420 | Rs 1,38,800 | Rs 1,13,570 |
| Delhi | Rs 1,51,570 | Rs 1,38,950 | Rs 1,13,710 |
| Chennai | Rs 1,52,650 | Rs 1,39,930 | Rs 1,14,500 |
| Bangalore | Rs 1,51,420 | Rs 1,38,800 | Rs 1,13,570 |
| Kolkata | Rs 1,51,420 | Rs 1,38,800 | Rs 1,13,570 |
| Hyderabad | Rs 1,51,420 | Rs 1,38,800 | Rs 1,13,570 |
Silver rates in India (April 2, 2026)
Silver prices also retreated from recent highs, falling to Rs 250 per gram. In the industrial and retail sectors, the "white metal" remains sensitive to both international cues and the Rupee-Dollar exchange rate.
| City | Silver Price (per 10g) | Silver Price (per 100g) | Silver Price (per 1kg) |
| Chennai | Rs 2,550 | Rs 25,500 | Rs 2,55,000 |
| Mumbai | Rs 2,500 | Rs 25,000 | Rs 2,50,000 |
| Delhi | Rs 2,500 | Rs 25,000 | Rs 2,50,000 |
| Kolkata | Rs 2,500 | Rs 25,000 | Rs 2,50,000 |
| Bangalore | Rs 2,500 | Rs 25,000 | Rs 2,50,000 |
| Hyderabad | Rs 2,550 | Rs 25,500 | Rs 2,55,000 |
| Kerala | Rs 2,550 | Rs 25,500 | Rs 2,55,000 |
| Pune | Rs 2,500 | Rs 25,000 | Rs 2,50,000 |
Market outlook
While today’s "crash" offers a breather for those looking to invest or buy jewelry for the wedding season, volatility is expected to remain high. Investors are advised to keep a close watch on brent crude movements and further updates from the White House, as these factors continue to dictate the momentum of safe-haven assets.