Gold and Silver Prices in India Today, 8 June 2026: 24K Gold at ₹1,53,890, Silver Drops to ₹2,44,050 as Fed Rate Hike Fears Grip Markets

Gold and silver prices fell sharply on Monday, 8 June 2026, as global markets reacted to stronger-than-expected US jobs data from Friday. MCX gold June futures declined 1.09% to ₹1,53,902 per 10 grams, while MCX silver July futures dropped 2.03% to ₹2,43,500 per kg. The sell-off follows a rough end to last week, with both metals under pressure from rising expectations of US interest rate hikes.

City-Wise Gold and Silver Rates Today, 8 June 2026

Prices vary across cities due to local taxes, logistics costs, and state-level duties. The table below lists indicative rates for ten major Indian cities.

Rates are indicative bullion prices as of 8 June 2026, 1:10 PM IST. Jewellery purchases include additional making charges and GST.

Gold Price Analysis

Today vs Yesterday

24K gold stands at ₹1,53,890 per 10 grams today, down from ₹1,55,760 yesterday, a fall of ₹1,870 or 1.20%. 22K gold is trading at ₹1,41,066 per 10 grams.

Weekly Comparison

Gold has slipped considerably over the past week. It was trading at ₹1,59,190 per 10 grams on 1 June 2026, which means it has lost ₹5,300 or around 3.33% in seven days. That is a meaningful correction for buyers and investors alike.

What Is Driving the Fall

US spot gold fell 0.2% to $4,321.49 per ounce on Monday, extending losses from Friday when it dropped nearly 3% — its lowest since late March. A stronger-than-expected US jobs report showed the economy added 172,000 jobs in May, well above the forecast of 85,000, which pushed up bets for interest rate hikes. Higher rates make gold less attractive compared to interest-bearing assets. A senior market analyst at OANDA noted that the hawkishness the market has started to price into Fed futures, alongside rising Treasury yields, is putting additional pressure on gold.

Price Performance Table - Gold

Silver Price Analysis

Today vs Yesterday

Silver 999 Fine is trading at ₹2,44,050 per kg today, compared to ₹2,49,110 yesterday — a fall of ₹5,060 or 2.03%. The drop is steeper than gold's in percentage terms, which is typical when risk sentiment weakens.

Weekly Comparison

Silver stood at ₹2,67,390 per kg just one week ago on 1 June. That puts the weekly fall at ₹23,340, or 8.73%, a significant decline over just seven days.

What Is Driving the Fall

Silver fell below $70 per ounce on Friday, hitting its lowest level since late March and heading for a weekly decline of over 7%, as a stronger US jobs report kept inflation and rate concerns in focus. Silver is more sensitive than gold to rate-driven sell-offs because a large portion of its demand comes from industrial use, which slows when economic growth expectations fall. US COMEX silver fell 2.29% to $67.52 per ounce today.

Price Performance Table - Silver

MCX Futures Data Today

Gold Futures (August 2026 Contract)

Silver Futures (July 2026 Contract)

MCX futures are pointing to continued softness in the near term. The wide intraday ranges, especially silver swinging from ₹2,51,001 to ₹2,39,064, reflect high volatility. Traders should watch for any Fed communication or US inflation data that could accelerate or reverse the current downtrend.

Key Factors Influencing Gold and Silver Prices Today

• Strong US Jobs Data: The May nonfarm payroll report showed the US economy added 172,000 jobs, significantly above the forecasted 85,000, while the unemployment rate held steady at 4.3%. This reduced demand for safe-haven assets like gold.
• Fed Rate Hike Expectations: Markets are now pricing in a more aggressive Federal Reserve stance. Higher interest rates raise the opportunity cost of holding gold, which pays no yield.
• Rising US Dollar: A stronger dollar makes gold and silver more expensive for buyers using other currencies, typically dampening global demand.
• Middle East Tensions: Renewed tensions in the Middle East pushed crude oil sharply higher, with Brent futures advancing 3.81% to $96.64 a barrel. This is adding to broader inflation concerns, which creates a mixed signal, inflation usually supports gold, but rate fears are currently outweighing it.
• Weak Domestic Demand: Gold demand was subdued in India last week, with buyers staying on the sidelines given volatile overseas prices. Softness in domestic buying reduces upward pressure on local prices.

Smart Buying Tips for Gold and Silver

• Do not try to time the bottom: Prices can fall further before stabilising. Systematic investment in gold, buying a fixed amount each month, reduces the risk of buying at a peak.
• Check BIS hallmarking: Always buy hallmarked jewellery. The six-digit HUID (Hallmark Unique Identification) printed on jewellery confirms government-certified purity.
• Prefer coins or bars over jewellery for investment: Making charges on jewellery can range from 8% to 25% and are not recoverable at resale. Coins and bars carry lower premiums.
• Silver at current levels offers long-term value: Despite short-term weakness, silver is up over 130% year-on-year. Investors with a 2–3 year horizon may find this a reasonable entry zone.

FAQs

Why do gold prices differ from city to city?

Prices vary because of state-level taxes, octroi charges, local bullion association rates, and logistics costs. Cities like Chennai and Delhi typically show slightly higher rates than Mumbai.

What is MCX and how does it affect gold prices?

MCX stands for Multi Commodity Exchange of India. It is a regulated platform where commodity futures, including gold and silver, are traded. MCX prices serve as a key benchmark for physical bullion rates across India.

Is today a good time to buy gold?

Gold has corrected nearly 3.33% over the past week. While that may look attractive, near-term uncertainty around US rates remains high. Investors looking to buy should consider spreading purchases over multiple tranches rather than investing a lump sum at once.