Gold Retreats on Akshaya Tritiya as “Hormuz Crisis” Powers the US Dollar

Synopsis:  Gold as a premier asset class on the day of Akshaya Tritiya, April 20, 2026. There has been a minor correction in gold prices owing to the sharp increase in the US Dollar Index and the “Hormuz Crisis.” Nevertheless, the gold prices in India continue to be at their historical heights. We will study the current retail rates for 24K & 22K gold, the impact of the aforementioned crisis, and the reasons behind the continued proximity of gold to the Rs.1.55 lakh price level.

The gold market of 2026 can no longer be defined based on all-time highs because the metal has transcended from being merely luxury to becoming the new global hedge against geopolitics. On Akshaya Tritiya 2026, consumers in India find themselves amidst an interesting environment – the highest ever domestic prices beyond Rs.15,000 per gram have been witnessed amidst a surprising intraday decline due to escalation of tensions in the Strait of Hormuz.

Although short-term pressures such as high crude and strong US Dollar Index may weigh down bullion prices, the festive demand and continued accumulation by central banks are providing adequate support to prices today.

Gold (Physical & MCX)

Gold stands at Rs.15,344 per gram with a 0.77% loss on the day. Gold opened marginally higher and immediately started losing value, falling from Rs.15,463 per gram in yesterday’s settlement. The price of 24K Gold is Rs.1,53,440 per 10 grams (National Average).

The reason behind today’s price correction has been a shock to global oil supplies in the Gulf of Oman. After the US Navy seized a tanker with Iranian flag in Hormuz, the Brent Crude Oil spiked to a peak price of $95.51/barrel, sparking global inflation concerns. This situation, in turn, boosted the US Dollar and has weakened the yellow metal – the two indices tend to move inversely most of the time.

Looking from a fundamentals point of view, gold will likely remain a “multibagger” in the coming years as prices have already shot up from Rs.95,239 precisely one year ago – an annual gain of a whopping 61%! The MCX Gold (June 2026 contract) is trading poorly below Rs.1,53,046 per kg after a loss of over 1% on the day. Gold experts are still bullish despite sharp correction in prices today. However, analysts are concerned about silver’s price fall by more than 2% to Rs.2.52 Lakh per kg.

Gold prices witnessed a dip on April 20, 2026, but only in the short term. The fact that prices managed to rise from Rs.95,239 one year ago to Rs.1,53,440 today proves how strong gold can be as an investment. For consumers in India celebrating Akshaya Tritiya, the price barrier is high and people are switching to digital gold and light-weight 18K gold jewellery options.

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