Gold rate today, 8 April 2026: Following the oil price crash after the de-escalation of the US-Iran war, the gold rate today saw strong buying across bourses. The MCX gold rate today opened with an upside gap at ₹1,53,550 per 10 gm and touched an intraday high of ₹1,53,944 per 10 gm, logging an intraday gain of nearly 2.50% during the early morning session on Wednesday.
In the international market, the COMEX gold price today opened with an upside gap and touched an intraday high of $4,886 per ounce, hitting a three-week high. By 9:15 AM, the gold price in the international market was around $4,825 per ounce, up about 2% from Tuesday’s close.
Why are gold prices rising today?
Speaking on the reason for the skyrocketing gold rate today, Anuj Gupta, a SEBI-registered market expert, said the gold price today is surging due to the crash in crude oil prices. He said that the WTI crude oil price today crashed by around 15% and slipped below the psychological $100/bbl level. This has triggered profit-booking in the forex market, prompting people to square off their US dollar (US) positions, which has pulled the US dollar index back below 99.
“This is a knee-jerk relief rally, and it remains to be seen if Iran complies. For gold, the 200 day-moving-average at $4,930 and then $5,000 will be key hurdles. Similarly, $80-$81 is an important level for silver,” independent metals trader Tai Wong said.
Outlook for gold rate today
Expecting the buying interest to continue on the gold rates today, Anuj Gupta said, “The COMEX gold rate today is in a broader $4,650 to 4,900 per ounce range, while the MCX gold rate today is in a broader ₹1,35,000 to ₹1,55,000 per 10 gm range. On breaking above ₹1,55,000 decisively, the yellow metal may soon touch ₹1,60,000 and ₹1,65,000 per 10 gm.”
US-Iran war update
Trump said on Tuesday that Washington had agreed to a two-week pause in attacks and had received a 10-point proposal from Iran what he described as a workable basis for negotiations. His comments followed earlier warnings that Tehran must reopen the Strait of Hormuz or risk US retaliation.
Pakistan, which has been mediating between Washington and Tehran, requested the two-week extension to give diplomacy time to proceed.
Iran’s Supreme Security Council said negotiations with the United States would begin on April 10 in Islamabad, after it submitted its proposal via Pakistan, although it added that the talks did not signal an end to the war.
Rising energy prices could fuel inflation and complicate central banks’ decision on interest rates. While gold is often seen as an inflation hedge and a safe-haven asset during uncertain times, its appeal tends to weaken in a high-interest-rate environment as it offers no yield.
According to research by the Federal Reserve Bank of Dallas, a prolonged disruption to global oil trade could push U.S. inflation above 4% by year-end, with steeper increases possible in the short term.
Gold, which started the year on a strong note, has fallen more than 8% since the Iran war erupted on February 28.
(With inputs from Reuters)
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
