What is the story about?
Gold Price today, April 7: Gold prices traded flat on Tuesday, April 7, as Donald Trump ramped up threats against Iran following its rejection of a ceasefire
proposal from the United States. As of 5:12 am, spot gold in the international market was nearly unchanged at USD 4,656.01. Despite today’s flat movement, gold has gained over 3 per cent in the past week. At the time of writing, international gold markets were not actively trading. However, on the Multi Commodity Exchange (MCX), gold prices settled 0.1 per cent higher, rising by Rs 119 to Rs 1,50,100.
US-Iran Tensions Escalate
On the geopolitical front, Trump warned that he would “rain hell” on Tehran if a deal was not reached by the end of Tuesday to restore traffic through a key global energy route.Iran has rejected the immediate reopening of the Strait of Hormuz, citing a lack of US commitment toward a permanent ceasefire.
Oil Prices Surge, Raising Inflation Concerns
The ongoing tensions have pushed oil prices sharply higher, with WTI crude trading around USD 114 and Brent crude near USD 110.Rising oil prices have heightened global inflation concerns, reducing the likelihood of interest rate cuts. This, in turn, has put pressure on gold prices.
“Focus is likely to remain on the war and interest rates. If the conflict drags on, oil will grind higher amid tightening supply conditions, adding to inflationary pressures,” said Bart Melek, Global Head of Commodity Strategy at TD Securities, in a statement to Reuters.
Strong US Dollar Weighs on Gold
Adding further pressure, the US dollar strengthened against a basket of key currencies, trading above USD 100. A stronger dollar makes gold less attractive for foreign buyers.Currently, the dollar is just about USD 3 below its 52-week high of USD 103.54.
Domestic Market Sees Value Buying
In the domestic market, analysts believe bullion prices have recovered due to value buying following the recent decline in precious metals, according to PTI.Focus Shifts to Fed Minutes and Inflation Data
Apart from geopolitical developments, market attention is now shifting to the Minutes of the Federal Open Market Committee (FOMC) meeting due on Wednesday (April 8).Additionally, inflation data scheduled for release on Thursday and Friday is expected to provide further insight into the trajectory of future rate cuts.
City-wise 24K, 22K and 18K Gold rate (Per 10 Grams)
| City Name | 24-carat gold (10 grams) | 22-carat gold (10 grams) | 18-carat gold (10 grams) |
| Gold Rate in Chennai | 150660 | 138100 | 112990 |
| Gold Rate in Delhi | 150810 | 138250 | 113140 |
| Gold Rate in Mumbai | 150660 | 138100 | 112990 |
| Gold Rate in Bengaluru | 150660 | 138100 | 112990 |
| Gold Rate in Trivandrum | 150660 | 138100 | 112990 |
| Gold Rate in Kolkata | 150660 | 138100 | 112990 |
| Gold Rate in Hyderabad | 150660 | 138100 | 112990 |
| Gold Rate in Patna | 150710 | 138150 | 113040 |
| Gold Rate in Lucknow | 150810 | 138250 | 113140 |
Today's gold rate by IBJA
The India Bullion and Jewellers Association (IBJA) sets the daily “base price” of gold in India, which serves as the national benchmark for bullion rates. In simple terms, IBJA rates act as the reference price across the country. Below is a breakdown of gold prices based on different purity levels (carats) as defined by IBJA.
| Purity by carat | Morning rates | Evening rates |
| 24 carat gold | Rs 1,48,899 per 10 grams | - |
| 23 carat gold | Rs 1,48,303 per 10 grams | - |
| 22 carat gold | Rs 1,36,391 per 10 grams | - |
| 18 carat gold | Rs 1,11,674 per 10 grams | - |
| 14 carat gold | Rs 87,106 per 10 grams | - |
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
