Delhi Customs busts gold smuggling syndicate at IGI airport, seizes 6.5kg gold worth ₹9.9 crore
The bust prompted staff transfers, one suspension and a vigilance inquiry into possible collusion and supervisory lapses.
On October 9, 2026, the price of gold in India reached Rs 15,071 per gram for 24 carat, Rs 13,815 per gram for 22 carat, and Rs 11,303 per gram for 18 carat, according to Good Returns. These prices represented a rise of Rs 114, Rs 105, and Rs 85, respectively, compared to October 8. Vikram Subburaj, CEO of Giottus.com, noted that gold and silver began the trading day with different positions.
December gold increased by 0.42%, nearing its intraday high of ₹1,49,941, while open interest declined by 0.75%. This rise was attributed to short-covering.
International factors also played a role, with spot gold rising 0.9% to $4,169 an ounce and silver recovering 1.1% to $60. The decline in the rupee to 96.7750 against the dollar provided further support to domestic prices. Easing US Treasury yields and a pause in the dollar's rally had helped bullion, though expectations of another US rate increase remained a constraint.
West Asia tensions contributed to global energy disruption concerns, driving a rally in precious metals. Iranian naval forces conducted nightly patrols in the Strait of Hormuz to target ships violating local regulations, as reported by Al Jazeera. US President Donald Trump confirmed ongoing productive discussions with Iran, but a 60-day maritime armistice had disintegrated, leading to renewed missile strikes and maritime risks.
This situation prompted both nations to resume active military operations and disband formal diplomatic channels, further fueling the demand for safe-haven assets like gold.
Written by urgent.news from The Indian Express - India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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