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

1. Dollar Strength: DXY Index dipped slightly to 99.69 but capped gold’s upside.
2. Equity Rally: U.S. stock gains reduced safe-haven demand.
3. 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)

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.

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