Gold prices have fallen from record highs due to a stronger US dollar and easing US-China trade tensions. MCX gold ended last week just above ₹95,000 per 10 gm, down over ₹4,300 from its peak.
Optimism surrounding US-China trade negotiations, including tariff reductions, has reduced gold’s safe-haven appeal. A rebounding US Dollar Index, supported by a conciliatory stance from President Trump towards the Federal Reserve, has further pressured gold.
Experts suggest monitoring US-China trade developments closely. A break below $3,300 in Comex gold could signal further declines. MCX gold has support at ₹93,500 per 10 gm and then ₹89,500 per 10 gm, levels where buying interest may emerge ahead of Akshaya Tritiya. Resistance remains strong between ₹99,500 and ₹1,00,000 per 10 gm.
Upcoming US economic data, including Q1 GDP, PCE inflation, and non-farm payrolls, are expected to influence gold prices. A consolidation is likely, with geopolitical uncertainty balanced against trade optimism and a stronger dollar.
As of today, gold rates in major Indian cities are: Delhi (₹94,930/10 gm), Mumbai (₹95,090/10 gm), Bengaluru (₹95,170/10 gm), Chennai (₹95,370/10 gm), and Kolkata (₹94,970/10 gm).