Gold prices in India dropped on Friday, according to data from FXStreet. The price of gold stood at INR 9,103.13 per gram, marking a decline from INR 9,178.61 on Thursday. The price per tola also decreased to INR 106,177.10, down from INR 107,057.50 a day earlier.
| Unit Measure | Gold Price in INR |
|---|---|
| 1 Gram | 9,103.13 |
| 10 Grams | 91,031.05 |
| Tola | 106,177.10 |
| Troy Ounce | 283,145.60 |
Market Movers: Investors Stay Cautious Amid Trade Uncertainty
Gold price traders have refrained from making aggressive directional bets as mixed market signals continue to influence sentiment. Investors are cautiously optimistic about the potential de-escalation of the US-China trade war, which has been a headwind for the safe-haven gold price. On Thursday, US President Donald Trump indicated that trade talks between the US and China are underway. However, China’s Foreign Ministry spokesperson Guo Jiakun denied reports of consultations or negotiations on tariffs, calling them “false news,” highlighting the ongoing uncertainty surrounding the trade dispute.
The US dollar received some support from upbeat US macroeconomic data. Initial Jobless Claims for the week ending April 19 rose slightly to 222,000, signaling continued resilience in the labor market. Additionally, Durable Goods Orders for March surged by 9.2%, well above the 2% forecast, marking a third consecutive rise. Transportation equipment orders also increased by 27%, continuing a three-month upward trend.
Meanwhile, Federal Reserve officials have hinted at the possibility of interest rate cuts in the near future. Cleveland Fed President Beth Hammack suggested that a rate cut could come as early as June if clear economic data warrants it. Fed Governor Christopher Waller also expressed support for rate cuts if tariffs begin to impact the job market. Traders are pricing in the likelihood that the Fed may reduce borrowing costs three times by the end of the year.
Geopolitical Tensions and Market Focus
On the geopolitical front, a Russian missile strike on Kyiv, Ukraine’s capital, resulted in at least twelve fatalities and numerous injuries, marking one of the deadliest attacks since Russia’s full-scale invasion began over three years ago. This tragic event has contributed to the geopolitical risk premium in the market.
Looking ahead, traders will be watching for the release of the revised Michigan US Consumer Sentiment Index. Furthermore, trade-related developments may continue to influence the US dollar and broader market sentiment, potentially creating short-term trading opportunities for gold.
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