Even as gold prices have seen some correction in the recent past, market experts believe the yellow metal is likely to touch a new peak in the coming days. Some experts, who remain bullish on the metal, said conditions are favourable to push prices to Rs 2 lakh per 10 gm by December 2026. Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), said the recent phase of price dilution is over. “We will soon witness an upward trend from here. The prices will gradually start rising within a span of two months and it will touch the Rs 2 lakh mark,” he said. Rokde added that demand for gold in the current situation in the domestic markets is marginally low. “But it is because most of the gold jewellery buying for marriage ceremonies is over. The demand will further pick up from the end of July and it will gather pace in August when the festive season begins in India,” he observed. Gold prices have witnessed notable volatility over the past three months.

 

After touching a record high of Rs 1.63 lakh per 10 gram (on May 14, 2026), the prices corrected and dropped to a level of Rs 1.58 per 10 gm (on May 29, 2026) in Nagpur. Experts said that the dip was triggered by profit-booking by investors, a temporary rebound in the US dollar index, and easing geopolitical tensions in West Asia that reduced immediate safe-haven demand. However, analysts say the correction was short-lived. Renewed buying by central banks, especially China and Russia, along with persistent inflation worries in major economies, has once again lent support to bullion. On the domestic front, a depreciating rupee continues to keep landed costs high. The rupee is directly pushing up local gold prices despite softer international rates. In addition, import duty and GST components ensure that Indian prices stay at a premium to global benchmarks, he said.