Gold Price Update (24 April 2025)
Sharp Decline After Record High
- ₹3,800 Drop in 2 Days: Gold prices fell sharply after hitting the ₹1 lakh/10g mark, driven by profit-booking and stronger dollar.
- Trump’s Remarks: Comments on China trade and the Fed Chair added volatility.
Today’s Movement
- MCX Gold (June Futures):
- Opened higher at ₹96,188/10g (+1.5% or ₹1,466).
- Previous close: ₹94,722/10g (-2.69% on Wednesday).
- MCX Silver (May Futures):
- Started lower at ₹97,750/kg (-0.13%).
- Gained 2% on Wednesday to close at ₹97,799/kg.
Key Drivers
- Dollar Strength: DXY Index dipped slightly to 99.69 but capped gold’s upside.
- Equity Rally: U.S. stock gains reduced safe-haven demand.
- Central Bank Buying & ETF Inflows: Expected to support prices at lower levels.
Expert Outlook
- Manoj Kumar Jain (Prithvi Finmart):
- Gold may stabilize near $3,200/oz (₹94,000–95,000/10g).
- Silver support at $29.88/oz (₹97,000–98,000/kg).
- Volatility likely due to U.S.-China trade tensions.
Physical Market Rates (24K per 8g)
| City | 22K | 24K |
|---|---|---|
| Delhi | ₹57,080 | ₹60,896 |
| Mumbai | ₹57,632 | ₹61,400 |
| Chennai | ₹56,944 | ₹60,648 |
| Hyderabad | ₹57,216 | ₹61,008 |
What’s Next?
- Short-term: Prices may consolidate after the steep drop.
- Long-term: Central bank demand and ETF inflows could push gold back toward ₹1 lakh.
Investor Takeaway:
- Wait for stability before fresh buys.
- Silver outperforming—watch industrial demand cues.
Data as of 12:59 PM IST, 24 April 2025.
