Gold prices in India fell sharply on April 23, after reaching record highs just the day before. The drop occurs as investors reassess their safe-haven bets in light of global developments, particularly the US-China trade talks.
The price of gold dropped by Rs 1,358 per 10 grams to Rs 95,982 on the Multi Commodity Exchange (MCX) on April 23. The price of silver decreased as well, going from Rs 387 per kg to Rs 95,492 per kg. This drop follows gold's record-breaking peak of Rs 99,350 per 10 grams on April 22. The value of MCX gold dropped by Rs 3,900 in one session.
The Indian Bullion Association (IBA) reports that on April 23, the price of 10 grams of 24-carat gold was Rs 96,200. Each ten grams of 22-carat gold cost Rs 88,183. At the same time, a kilogram of silver (999 Fine) cost Rs 95,940.
Because of the ongoing trade tensions between the US and China, growing concerns about a global recession, and a declining US dollar, gold prices had been rising earlier. But after a more upbeat statement from the US President, the attitude changed.
The price change was explained by Dr. Renisha Chainani, Head of Research at Augmont. As she went on, "US President Donald Trump's retraction of threats to fire Federal Reserve Chair Jerome Powell and his optimism for a trade deal with China have caused gold prices to plummet by over $200 (approximately Rs 4,000) from their high of $3,509 (approximately Rs 99,350), reducing gold's appeal as a safe haven."
She continued, "As we discussed yesterday, if prices fall below $3,450 (roughly Rs 97,000), we may see a topping-out signal, and profit booking could push prices lower to around $3,300." The same thing took place. As of right now, prices are anticipated to fluctuate between $3,320 (about Rs 95,500) and $3,400 (about Rs 96,500). The price of silver has been fluctuating between $32 (roughly Rs 94,000) and $33 (roughly Rs 97,000), and it is anticipated that it will stay there this week.
Here's a look at city-specific gold and silver prices as of April 23:
In Bengaluru, 24-carat gold was priced at Rs 96,080 per 10 grams, while the MCX rate was Rs 95,982 per 10 grams. Silver was priced at Rs 96,040 per kilogram.
In Chennai, gold was priced at Rs 96,260 per 10 grams, while on the MCX, it was Rs 95,982. Silver was priced at Rs 96,100 per kilogram.
In New Delhi, gold was priced at Rs 95,820 per 10 grams, while silver was priced at Rs 95,660 per kg.
In Hyderabad, gold was priced at Rs 96,160 per 10 gram and silver at Rs 96,120 per kilogram.
In Kolkata, gold was slightly cheaper at Rs 94,860 per 10 grams, while silver cost Rs 95,700 per kg.
In Mumbai, gold was priced at Rs 95,990 for 10 grams and silver at Rs 95,820 for a kilogram.
