Business & Finance
Gold Prices Dip on October 6, 2026, While Middle East Tensions Rise
By Aanya Mehta
On October 6, 2026, the price of gold in India fell slightly. Good Returns reports 24‑carat gold at Rs 14,902 per gram, down Rs 16 from the previous day. 22‑carat gold is priced at Rs 13,660 per gram, a decrease of Rs 15, and 18‑carat gold is at Rs 11,177 per gram, down Rs 12 from October 5.
Vikram Subburaj, CEO of Giottus.com, noted that gold and silver futures are moving differently in India. The MCX December gold contract trades at about ₹1,49,311 per 10 grams, down 0.72%, while December silver is around ₹2,26,240 per kilogram, up 0.16%. Subburaj added that gold’s recent recovery has made its movement more significant, with the December contract having climbed above ₹1.50 lakh on October 5 but now struggling to maintain that level.
In the Middle East, Yemen’s internationally recognized military has recaptured the port city of Mocha, clearing Houthi rebels from the Bab al‑Mandeb strait. Houthi threats against Mecca and Medina have prompted the Mecca Defence Pact, bringing Turkey and Pakistan into a rapid deployment to support Saudi Arabia’s defenses.
The UK’s ambassador to Israel, Simon Walters, warned that London would expel 27 Israeli diplomats if Israel enforces its plan to shut down the British consulate in occupied East Jerusalem. The UK will adopt a tit‑for‑tat approach, expelling one Israeli diplomat for each British official stripped of diplomatic status. Israel had ordered the consulate closed by October 8 in retaliation for recent British sanctions against illegal West Bank settlements.
A 60‑day maritime armistice brokered by the US and Iran in mid‑June 2026 has collapsed, leading to renewed missile strikes and increased maritime risk. The breakdown of the agreement has caused both states to resume active military operations and dissolve formal diplomatic channels, heightening fears of global energy disruption and sparking a safe‑haven rally in precious metals, with domestic and spot gold prices rising amid foreign‑exchange instability and recent import‑duty changes.