Gold and silver prices dropped sharply on April 20 amid rising geopolitical tensions in the Middle East, with bullion markets reacting to fresh volatility in global cues.
Gold and silver prices witnessed a sharp decline on Monday, April 20, 2026, tracking global cues as escalating tensions in the Middle East weighed heavily on commodity markets.
On the Multi Commodity Exchange (COMEX), gold prices dropped nearly 2% to around $4,780 per ounce, wiping out most of last week’s gains. Silver prices fared worse, plunging about 2.5% to $78.75 per ounce during Asian trading hours.
The downturn comes amid heightened geopolitical uncertainty after reported attacks on ships in the Strait of Hormuz over the weekend.
The situation intensified after the United States Navy reportedly seized an Iranian-flagged cargo vessel, while Iran warned that vessels entering the region could be treated as violating ceasefire conditions.
Several ships were forced to retreat shortly after Tehran announced the reopening of the crucial waterway.
Gold prices in major cities (per gram)
| City | 24K Gold | 22K Gold | 18K Gold |
| Delhi | ₹15,544
| ₹14,250
| ₹11,662
|
| Mumbai | ₹15,529
| ₹14,235
| ₹11,647
|
| Kolkata | ₹15,529 | ₹14,235 | ₹11,647 |
| Chennai | ₹15,600 | ₹14,300
| ₹11,855
|
These developments have revived fears of disruptions in global energy supplies, adding to inflation concerns and triggering volatility across financial markets.
Despite gold traditionally being viewed as a safe-haven asset during crises, prices have seen a significant correction in recent weeks.
Since the onset of the US-Iran conflict in late February, gold has fallen roughly 9%, while silver has dropped around 14%.
Silver rate today
Silver prices continue to hover at elevated levels, with the metal trading close to ₹82,000 per kilogram in the domestic market today (April 20, 2026), despite a sharp dip in global prices.
| City | Silver (₹ per 10gm) | Silver (₹ per kg) |
| Delhi | ₹2,750
| ₹2,75,000
|
| Mumbai | ₹2,750 | ₹2,75,000 |
| Kolkata | ₹2,750 | ₹2,75,000 |
| Ahmedabad | ₹2,749
| ₹2,74,900
|
Market experts note that retail buyers should factor in additional costs such as GST, making charges, and other levies, which can significantly increase the final purchase price. With geopolitical risks still unfolding, analysts expect continued volatility in bullion prices in the near term.
Published: 20 Apr 2026, 11:06 am IST
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