Gold prices in India experienced a continued drop on April 8, marking the fourth consecutive session of declines. The global pressure stemming from rising trade tensions, particularly the U.S. tariff policies, has caused gold prices to slip after hitting record highs in recent weeks. The market witnessed a notable pullback, with 24-carat gold prices falling below the ₹90,000 per 10-gram mark once again.
Gold Price Movement
24-carat gold: ₹89,730 per 10 grams (down ₹650).
22-carat gold: ₹82,250 per 10 grams (down ₹600).
18-carat gold: ₹67,300 per 10 grams (down ₹490).
The sharp drop in prices reflects a nearly ₹3,650 fall over the past four sessions, marking a 4% decline from recent highs. As a result, 100 grams of 24-carat gold is now priced at ₹8,97,300, and 100 grams of 22-carat gold costs ₹8,22,500.
Silver Prices
Silver rates remained stable for the third consecutive session, maintaining their level at ₹94,000 per kilogram.
The 100-gram silver rate is ₹9,400.
City-Wise Gold Prices
Chennai: 24-carat gold ₹89,730, 22-carat gold ₹82,250.
Bangalore: 24-carat gold ₹89,730, 22-carat gold ₹82,250.
Hyderabad: 24-carat gold ₹89,730, 22-carat gold ₹82,250.
MCX Gold and Silver Outlook
MCX gold futures (June contract) are expected to find support near ₹86,200, with a potential rebound towards ₹88,500.
MCX silver futures (May contract) are anticipated to find support near ₹86,800, and if this level holds, prices could rebound toward ₹90,500.
Currently, gold futures on MCX are trading at ₹87,601, showing a 0.77% rise, while silver futures are trading at ₹89,170, up by 1.04%.
Spot Gold and Silver Prices
Spot gold rose by 0.5%, reaching $2,996.6 per ounce as of 03:40 GMT.
Spot silver saw a slight decline of 0.1%, trading at $30.09 per ounce.
U.S. gold futures climbed 1.3% to $3,010.70 per ounce.
Market Outlook
Gold prices saw their worst three-day decline in more than four years recently, as traders reacted to President Donald Trump’s tariff policies, which raised fears of a global trade war and economic downturn. Despite this, gold still remains up 14% for the year, benefiting from geopolitical risks and market instability. However, extreme market conditions have led to some profit booking, causing a temporary dip in prices.
Analysts expect gold to trade range-bound to slightly higher in the near term, with investor demand for the safe-haven metal likely to persist amid ongoing concerns about the global economic outlook.
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