On June 8, 2026, gold prices experienced a notable decline, dropping by ₹1,600 to open below ₹1.54 lakh per 10 grams. This decrease is attributed to ongoing geopolitical tensions between Iran and Israel, alongside rising concerns about a potential interest rate hike in the United States following a robust jobs report. The price of silver also saw a significant reduction, falling by ₹5,500 to trade below ₹243,500 per kg. Kelvin Wong, a senior market analyst at OANDA, noted that market sentiment is increasingly influenced by expectations regarding the Federal Reserve's future actions. The current gold prices in major cities reflect this downward trend, with 24K gold priced at ₹15,490 in Chennai, ₹15,169 in Mumbai, and ₹15,184 in Delhi. The prices for 22K and 18K gold vary across cities, with Mumbai's 22K gold priced at ₹13,905 and 18K gold at ₹11,377. These fluctuations in gold prices highlight the impact of global economic factors on local markets.