Gold and Silver Prices Retreat on Good Friday Amid Global Tensions

Key Market Highlights

• Gold Price Correction: 24-carat gold in Delhi fell to ₹149,110 per 10 grams, following a major drop in international spot prices.
• Silver Slump: Silver prices dropped to ₹249,900 per kg, continuing a downward trend from the record highs seen earlier this year.
• Geopolitical Pressure: U.S. President Donald Trump’s warnings of imminent strikes against Iran have pushed crude oil above $100, strengthening the dollar and pressuring gold.
• Good Friday Sentiment: Trading volume remained thin in global markets due to the holiday, though domestic retail rates adjusted to reflect the previous session’s volatility.
• Anniversary Context: The market movement coincides with the first anniversary of “Liberation Day,” marking the start of the current administration’s intensified trade policies.

On the morning of April 3, 2026, the domestic bullion market reflected a significant cooling of the recent rally. In the national capital, Delhi, the price of 24-carat gold settled at ₹149,110 per 10 grams. In Mumbai, the rate was slightly lower at ₹148,960. This follows a volatile Thursday where Delhi’s bullion market saw gold prices plunge by ₹3,500, or 2.26 percent, to settle at ₹151,500 per 10 grams.

International Drivers and the Dollar Surge

The primary catalyst for this decline is a resurgent U.S. dollar, which has climbed to the 99–100 level, an appreciation of roughly 0.5 percent. In the international market, spot gold is currently trading at $4,591.52 per ounce.

Market analysts point to a “risk off” sentiment triggered by President Donald Trump’s recent address. By warning of a potential “forceful strike” against Iranian infrastructure within the next two to three weeks, the administration has inadvertently driven crude oil prices to new heights. The resulting inflationary concerns have bolstered the greenback, making dollar-denominated assets like gold more expensive for international buyers and triggering a sell-off.

Silver’s Sharp Correction

Silver has faced an even steeper decline compared to its peak performance earlier this year. On Friday morning, silver prices stood at ₹249,900 per kilogram. This comes after a staggering drop in the Delhi market the previous day, where the industrial metal fell by ₹9,000, or 3.66 percent.

For context, silver prices had surged past the ₹400,000 per kilogram mark in January 2026. The current correction represents a significant retreat as investors pivot toward the dollar and energy sectors amid the ongoing conflict in the Middle East.

Gold Rates in Major Cities (April 3, 2026)

While global commodity exchanges are technically closed for the Good Friday holiday, domestic retail prices continue to fluctuate based on local demand and the previous day’s sharp international downturn. Experts suggest that bullion will remain in a range, bound until there is further clarity regarding the duration of the conflict in Iran.