Gold price today: Record high of ₹99,358 per 10 grams earlier this week, gold prices today saw a sharp correction, falling over ₹4,000 to settle just above ₹95,000 per 10 grams on the Multi Commodity Exchange (MCX). This pullback comes as global markets respond to easing US-China trade tensions and a strong rebound in the US dollar index.
In international markets, spot gold prices witnessed a steep single-day fall of more than $100, eventually ending at $3,298.20 per ounce on Friday — over $200 below the lifetime high. Similarly, COMEX gold closed at $3,318 per troy ounce, reflecting growing investor appetite for riskier assets.
What’s Driving Gold Prices Down?
According to market experts, the fall in gold prices is largely attributed to two main factors:
- Strengthening US Dollar:
The US Dollar Index (DXY) rebounded after dropping below the 98 level, as reports emerged of the White House planning to reduce tariffs on Chinese imports. This renewed optimism strengthened the dollar, which traditionally pressures gold prices due to their inverse correlation. - Easing Trade War Concerns:
Market sentiment improved after China announced tariff cuts on select US goods, signaling a softer stance in trade negotiations.“The shift in tone from both countries has eased safe-haven demand for gold,” said Jateen Trivedi, VP of Research at LKP Securities.
Sugandha Sachdeva, Founder of SS WealthStreet, added:
“The anticipation of reduced US-China trade tensions and positive signals from both nations have encouraged risk-taking in equities, reducing the allure of gold.”
Is This a Good Time to Buy Gold?
While prices are falling, experts suggest cautious optimism for buyers, especially with Akshaya Tritiya 2025 (on April 30) approaching — a festival associated with gold purchases.
“Support is expected near ₹93,500 per 10 gm and again at ₹89,500,” said Sachdeva, hinting that buying interest could revive at these lower levels.
However, the ₹99,500–₹1,00,000 per 10 gm range remains a strong resistance zone, and breaking above it may require major economic triggers.
Key Upcoming Triggers
Investors are now eyeing a packed US economic calendar next week, which includes:
- Q1 GDP data
- PCE inflation report
- Non-farm payrolls data for April
These indicators could provide critical direction for gold prices in the short term.
“If data points show economic strength, gold may remain under pressure,” added Trivedi.
Latest Gold Prices in Major Indian Cities (as per IBA):
- Delhi – ₹94,930 per 10 gm
- Mumbai – ₹95,090 per 10 gm
- Bengaluru – ₹95,170 per 10 gm
- Chennai – ₹95,370 per 10 gm
- Kolkata – ₹94,970 per 10 gm
also see
- RBI Purchases 57.5 Tonnes of Gold in FY 2024-25, Strengthening Its Global Gold Standing
- Reliance Industries News : Anant Ambani Appointed Whole-Time Director at Reliance Industries, Effective May 2025
- Gold Price Today, April 23: Rates Drop Across Cities – Check 18K, 22K & 24K Rates in Delhi, Mumbai, Chennai & More
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