Global Gold Prices Decline Amid US Energy Supply Concerns

Gold Prices Plummet Following US President's Announcement

On Monday, following President Donald Trump's declaration regarding a blockade of the Strait of Hormuz, the global energy supply situation worsened, leading to a significant drop in gold prices amid rising inflation fears. The price of bullion decreased by as much as 2.2%, falling below $4,650 per ounce, effectively erasing gains made in the previous week. Since the onset of the US-Israel conflict at the end of February, gold has seen a decline exceeding 11%.

In India, the price for 24K gold stands at Rs 15,283 per gram, while 22K gold is available for Rs 14,009 per gram. The recent downturn in gold prices is largely attributed to investors favoring the US dollar as a safer investment compared to gold.

Reports indicate that in global markets, Comex gold futures rose by $107.7, or 2.3%, over the past week, with silver also seeing an increase of $3.56, nearly 5%. India's largest gold ETF, Nippon India ETF Gold BeES, experienced a sharp decline from Rs 131.60 on February 27, 2026, to Rs 110.72 by March 23, marking a nearly 16% drop within a month. Although it has since recovered by 11.5%, it remains 15.7% below its recent peak as of April 10, 2026.

On April 12, 2026, gold prices in India showed slight improvement. On the Multi Commodity Exchange (MCX), 24-carat gold futures closed marginally higher than the previous session at Rs 1,52,690 per 10 grams.