Gold Rate Falls Below ₹150,000 Mark Amid Ongoing Oil Price Pressures

Gold Prices Decline Amid US-Iran War and Rising Crude Oil Prices

On 1 May 2026, gold prices faced selling pressure in evening trade on the Multi Commodity Exchange (MCX), slipping briefly below the ₹150,000 mark. The rising crude oil prices amid the US-Iran war dimmed investor hopes of a rate cut by the central bank in the near future.

MCX gold futures for June delivery declined as much as 0.90% or ₹1369 per 10 grams to the day's low of ₹149,742. Around 5:55 pm, the prices recouped some losses and were down 0.57% at ₹150,255. Internationally, too, yellow metal declined as US spot gold was down 1.1% at $4,568.82 per ounce, and on track for a weekly loss of 1.2%. US gold futures for June delivery fell 1.1% to $4,579.70.

The near-term bias remains bearish-to-cautious, weighed down by dollar demand and evolving geopolitical developments. Ponmudi R, CEO of Enrich Money, notes that investors resorting to profit booking in gold and rising crude-led inflation concerns are keeping pressure on prices.

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| Comparison of Commodity Prices | | --- | --- | | MCX Gold Futures (June Delivery) | US Gold Futures (June Delivery) | | -0.90% or ₹1369 per 10 grams | -1.1% to $4,579.70 | | ₹149,742 | $4,568.82 |

Meanwhile, silver prices back home jumped almost 1% or ₹2400 to ₹246,851 per kg in the evening trade. MCX was shut for trading for the morning session on account of Maharashtra Day holiday.

Higher oil prices are reinforcing expectations that the US Fed may maintain a tighter stance, which supports the dollar and limits upside in non-interest-yielding bullion. For the week, Brent crude oil prices are higher by almost 6% and WTI crude by 12%. Meanwhile, since the start of the year, Brent prices have nearly doubled, raising global growth and inflation concerns.

US inflation accelerated in March as the US-Iran war resulted in higher gasoline prices, reinforcing expectations that the Federal Reserve could keep interest rates on hold well into next year. Since the start of the conflict in the Middle East, gold prices have eased 5.55% as the yellow metal, considered a safe haven during geopolitical turmoil, is facing pressure in a high-interest-rate environment, losing its appeal to yield-bearing assets like US Treasuries.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

In the near term, gold is expected to remain volatile and range-bound, with support near ₹148,000 and resistance around ₹152,000. ASK Private Wealth has turned neutral on the yellow metal after remaining overweight for almost two years amid rising volatility and weakening predictive signals from traditional indicators.