Gold prices in India experienced a significant drop on April 23, following a record high just a day earlier. The decline reflects a shift in investor sentiment after positive developments in the US-China trade talks.
As of 9 am on April 23, the price of gold on the Multi Commodity Exchange (MCX) fell by Rs 1,358 per 10 grams, bringing it to Rs 95,982 per 10 grams. Silver also saw a decline, dropping by Rs 387 per kg to Rs 95,492 per kg. This drop follows gold’s all-time high of Rs 99,350 per 10 grams on April 22, marking a fall of Rs 3,900 in just one session.
According to the Indian Bullion Association (IBA), the price of 24-carat gold was Rs 96,200 per 10 grams, and the price of 22-carat gold stood at Rs 88,183 per 10 grams at 9 am. Silver (999 Fine) was priced at Rs 95,940 per kg.
The rise in gold prices in the past weeks had been fueled by a weaker US dollar, concerns over a global recession, and ongoing trade tensions between the US and China. However, sentiment shifted after US President Donald Trump softened his stance on both trade and the Federal Reserve.
Dr. Renisha Chainani, Head of Research at Augmont, explained the price drop, stating, “Gold prices have plummeted by over $200 (around Rs 4,000) from their high of $3,509 (around Rs 99,350) due to Trump’s retraction of threats to remove Federal Reserve Chair Jerome Powell and optimism for a trade deal with China, which reduced gold’s appeal as a safe-haven asset.”
Chainani added, “If prices fall below $3,450 (around Rs 97,000), we may see a topping-out signal and profit-taking could drive prices down to around $3,300. This has occurred, and prices are expected to trade within a range of $3,320 (around Rs 95,500) to $3,400 (around Rs 96,500). Silver prices are expected to stay between $32 (around Rs 94,000) and $33 (around Rs 97,000) this week.”
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