As of 9:30 am, June gold futures were down 0.3 per cent (Rs 481) to Rs 1,49,199. In the international market, spot gold fell 0.8 per cent (USD 35.5) to USD 4,640.71, marking a potential second consecutive session of decline.

Dollar index weighs on gold rates

The US Dollar Index, relative to a basket of major foreign currencies, was trading over USD 100 mark. A stronger USD typically puts downward pressure on gold prices because gold is dollar-priced and becomes more expensive for non-USD buyers.

Geopolitical tensions and oil impact

On the geopolitical front, the US President posted on the social media platform 'Truth Social', threatening Iran to bomb its power plants and bridges if it does not open the Strait of Hormuz. However, Tehran has rejected the ultimatum.

"Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the Fuckin' Strait, you crazy bastards, or you'll be living in Hell - JUST WATCH! Praise be to Allah. President DONALD J. TRUMP," he posted.

Adding further pressure on the yellow metal are rising crude prices. Crude prices were trading above the USD 110 mark amid developments in the Middle East. Higher oil prices support inflation, reduce consumers' purchasing power, and decrease the chances of a rate cut or lead to rising interest rates, which creates pressure on bullion.

Outlook and key data in focus

Looking ahead, "Going into the week, focus remains on developments in the Gulf region, any sign of further escalation or de-escalation may drive prices accordingly," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, told PTI.

Analysts said the overall trend in precious metals is expected to remain sideways to bullish next week, according to a PTI report.

This week, investors will keep a close eye on inflation data, including CPI and PCE, which could shed light on the condition of the world's largest economy.

City-wise 24K, 22K and 18K Gold rate (Per 10 Grams)

Gold prices remain largely uniform across major cities, with 24-carat rates hovering around Rs 1,50,900 to Rs 1,51,090 per 10 grams. Chennai records the highest price, while Mumbai and other metros show marginally lower rates. Variations in 22-carat and 18-carat gold are minimal overall.

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.

(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.)

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