Gold prices in India experienced a significant increase on April 9, reversing a four-day downward trend. Last week, the price of 24-karat gold had dropped sharply by approximately Rs. 3,500 per 10 grams from its record highs. However, on Wednesday, gold prices rebounded, driven by a surge in global uncertainty sparked by tensions in the trade war between the United States and China.
Former U.S. President Donald Trump recently announced new retaliatory tariffs, raising duties on Chinese imports to 104%. China has strongly criticized this move, calling it “blackmail.” The intensifying trade conflict has sparked fears and uncertainty in global markets, fueling a surge in demand for safe-haven assets like gold. As a result, spot gold prices rose by nearly 1% overnight. If these geopolitical tensions persist, gold prices in India may continue to climb.
Gold Price Update in India (April 9)
As of today, 24-carat gold in India surged by Rs. 710 per 10 grams, reaching Rs. 90,440. The price of 22-carat gold also saw a substantial rise, increasing by Rs. 650 per 10 grams to Rs. 80,900. Similarly, 18-carat gold prices spiked by Rs. 530, retailing at Rs. 67,830 per 10 grams.
In terms of larger quantities, the price for 100 grams of 24-carat gold is now Rs. 9,04,400, while 100 grams of 22-carat gold is priced at Rs. 8,29,000.
Silver Prices in India
Silver prices, which had remained stable for three days, declined on April 9. The price of 1 kg of silver dropped by Rs. 1,000, now standing at Rs. 93,000, while 100 grams of silver fell by Rs. 100, retailing at Rs. 9,300.
City-wise Gold Prices Across India
Gold prices in major Indian cities have followed a similar trend to the national rates today.
In Chennai, the 24-carat gold price is Rs. 90,440 per 10 grams, and 22-carat gold is priced at Rs. 82,900.
In Bangalore, the 22-carat gold price is Rs. 82,900 per 10 grams, while 24-carat gold costs Rs. 90,440 per 10 grams.
In Hyderabad, 22-carat gold is priced at Rs. 82,900 per 10 grams, and 24-carat gold stands at Rs. 90,440 per 10 grams.
In Mumbai, 22-carat gold costs Rs. 82,900 per 10 grams, and 24-carat gold is priced at Rs. 90,440 per 10 grams.
Outlook for Gold and Silver Prices
According to ICICI Direct’s Daily Commodities Outlook, gold futures on the Multi Commodity Exchange (MCX) for June are expected to find support near Rs. 86,400, with potential for a rebound towards Rs. 88,500. Meanwhile, silver futures for May are predicted to move towards Rs. 87,000, as long as they stay below Rs. 90,500.
As of now, gold futures on the MCX are trading at Rs. 88,718, up by 1.22%, while silver futures are priced at Rs. 89,136, marking a 0.44% rise.
Global Gold and Silver Prices
Spot gold prices saw an uptick, rising by 0.9% to $3,010.39 per ounce, amid growing concerns over the ongoing trade war between the U.S. and China. The dollar’s weakness and the escalating trade tensions have led to increased demand for gold as a safe-haven asset. Spot silver, however, experienced a slight dip, falling below $30 per ounce following the U.S. tariff announcement on Chinese imports.
According to Reuters, spot gold prices were up by 0.9% at $3,010.39 per ounce, while U.S. gold futures rose 1.2% to $3,026.90 per ounce. Silver prices remained steady at $29.84 per ounce.
Gold Prices Outlook
Looking ahead, gold prices are expected to remain supported by concerns of stagflation in the U.S. economy, with inflation risks rising while growth risks remain on the downside. The demand for gold as a safe-haven asset is expected to continue amid global uncertainty, as fears of economic disruption persist. Despite challenges, gold has gained over 13% this year, setting new records and attracting inflows into exchange-traded funds (ETFs), according to Nicky Shiels, head of metals research at MKS Pamp SA.
While gold is often considered a hedge against economic uncertainty, it is not immune to liquidity-driven global events that cause widespread market derisking. Nonetheless, its recent performance and resilience in the face of global market volatility suggest that the outlook for gold remains bullish.
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