Gold Price Today: Yellow metal eases by Rs 4,000 from peak, trades above Rs 95k/10 gms. What to expect?
The recent decline in gold prices is attributed to a stronger U.S. dollar, given the inverse relationship between the two. This shift follows President Donald Trump's decision to delay the implementation of reciprocal tariffs until July.
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Ranges for gold and silver by Manoj Kumar Jain:
At MCX, gold has support at Rs 95,350-94,600 and resistance at Rs 96,650-97,280
Silver has support at Rs 95,800-95,150 and resistance at Rs 96,950-97,700.
Gold rates in physical markets
Gold Price today in Delhi
Gold Price today in Mumbai
Gold Price today in Chennai
Gold Price today in Hyderabad
After hitting an all-time high of Rs 99,358/10 grams at MCX last week, Gold June futures contracts have corrected by Rs 4,000/10 grams or 4%, opening at Rs 95,316/10 grams on Tuesday.Meanwhile, silver May futures contracts opened slightly lower today at Rs 96,255/kg, down by Rs 209 or 0.22%.The recent correction in gold prices is seen on the back of a stronger dollar, as the yellow metal's price is inversely related to the dollar movement.The turnaround comes after President Donald Trump reversed his stance on reciprocal tariffs, postponing their implementation until July. He also toned down his aggressive approach toward China and stated that he has no intention of removing Federal Reserve Chair Jerome Powell.Today, the US Dollar Index, DXY, was hovering near the 99.13 mark, gaining 0.12 or 0.12%.Further, ahead of Akshaya Tritiya 2025 , the consumer sentiment remains strong as retailers reported solid footfall, particularly in southern India, where the festival is culturally important, noted Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions That said, he further noted that high prices have changed consumer behaviour, with buyers opting for lighter-weight jewellery and coins, rather than heavy jewellery. Meanwhile, the jewellers are responding to high pricing by announcing new collections, discounts on making charges and promoting silver jewellery.This festive period is said to be a strong driver of domestic sales, where the gold-buying hobby of Indian consumers is at its peak, not just as a purchase, but also as a promise of prosperity.'We look forward to a 10-15% spike in jewellery sales this season, supported by robust buying sentiments and price dynamics,' stated Colin Shah, MD, Kama Jewelry.With gold prices often hitting new highs lately, we are hopeful that consumers will consider this time as the most appropriate time to buy jewellery of their choice as gold prices are expected to see more upswing in the near future, Shah added.On Monday, gold and silver settled on a positive note in the domestic and international markets. Gold June futures contract settled at Rs 96,025 per 10 grams with a gain of 1.09%, and silver May futures contract settled at Rs 96,464 per kilogram with a gain of 0.02%.The surge in Monday's session was supported by escalating tensions between India and Pakistan after the latest terror attack in Jammu and Kashmir, which supported safe-haven buying for precious metals.'Gold and silver prices also gained after the death toll rose to 70 in the Iranian port attack. Pakistan is giving a threat to use nuclear weapons against India if India attacks Pakistan and it increases risk sentiment in the global markets and supports safe-haven buying for precious metals,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the key U.S. economic data; gold prices could hold its support level of $3,200 per troy ounce and silver prices could also hold $31.40 per troy ounce levels on a weekly closing basis,' he added.Jain suggests waiting for some stability in the market to initiate fresh positions in gold and silver.Standard gold (22 carat) prices in Delhi stand at Rs 57,672/8 grams while pure gold (24 carat) prices stand at Rs 61,4968 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 57,176/8 grams while pure gold (24 carat) prices stand at Rs 60,544/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 56,736/8 grams while pure gold (24 carat) prices stand at Rs 60,488/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 57,144/8 grams while pure gold (24 carat) prices stand at Rs 60,920/8 grams.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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