Overview
- Global spot gold tumbled in early trade on Wednesday, July 8, 2026, with international prices down roughly $47–$95 per ounce across reports and silver also retreating by about $1.38 per ounce.
- Pakistan's 24‑karat rate fell Rs 4,700 per tola to Rs 430,236 after authorities price local gold by adding a $20/oz premium to the international rate, transmitting overseas moves directly into retail quotes.
- India's national capital saw a third straight daily drop in retail gold to Rs 148,450 per 10 grams, while futures and exchange activity also showed sharp losses as traders reduced exposure.
- Analysts tied the selloff to renewed U.S.‑Iran tensions including a statement by President Donald Trump that an interim peace deal was 'over', which helped push crude oil sharply higher and strengthened the dollar and US Treasury yields.
- Market participants are watching the Federal Reserve's June meeting minutes for fresh rate guidance and noting that sustained central‑bank buying, especially by China, has so far limited even deeper gold declines.