How 24K gold in India has moved against the rupee's slide and US 10-year treasury yields through the 2025–26 rally — the classic safe-haven triangle, tracked month by month.
Unusually, both climbed together through most of this period — global dollar strength usually caps gold, but a weakening rupee made imported gold costlier in INR terms even as global (USD) gold softened at points, amplifying the domestic rally.
Gold's steepest leg up (into the March 2026 peak) came as yields eased toward the low-4% range; the subsequent correction from ₹1.69 lakh tracked yields climbing back above 4.5% on hawkish Fed signalling and oil-driven inflation fears.
Higher US yields pulled in dollar demand and pressured EM currencies broadly; INR's slide to an all-time low of ~96.9 on 20 May 2026 coincided with a firmer-for-longer US rate outlook, tariff overhang, and a Hormuz-driven oil spike.