Gold price sees correction after touching ₹1 lakh; Should you buy or sell?
Gold prices bounced back during Thursday morning's session in the domestic futures market, supported by positive global trends, a weaker dollar, and strong spot demand.
At approximately 9:10 AM, MCX Gold was trading 1.11% higher at ₹ 95,770 per 10 grams. Meanwhile, in the spot market, 24-carat gold was priced at ₹ 98,513 per 10 grams in Delhi on Thursday morning.
Gold prices surged to ₹ 1 lakh per 10 grams in the retail market on Tuesday, April 22, driven by growing concerns that a potential trade war between the US and China—the two largest global economies—could significantly impact worldwide economic growth.
'Trump's continously shifting stance on trade policy has undermined investor trust and weakened confidence in the US economy. This has weakened US dollar, which has plummeted 10% in 2025 and has helped the gold rally. After gaining 30% this year and reaching highs of $3500 and ₹ 1 lakh, prices have plunged today by $200 (~ ₹ 4000) as sentiment has turned risk-on,' said Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL).
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, says that the month of April remains highly volatile, with technical charts showing early signs of trend exhaustion.
Trivedi further added that while looking ahead, gold is expected to trade in a broad range between ₹ 94,000– ₹ 98,000, with elevated volatility likely to persist.
'A rebound in the Dollar Index from 98.4 and comments from Donald Trump hinting at potential tariff resolutions with India, Japan, and China have weighed on gold's safe-haven premium. As tariff concerns ease, gold is seeing some premium unwinding. Traders are advised to maintain strict risk management, especially in such overstretched market conditions,' Trivedi said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
an hour ago
- Economic Times
Trump reports tens of millions in income from crypto ventures
Trump reported $57.35 million from token sales at crypto firm World Liberty Financial. He also reported holding 15.75 billion governance tokens in the venture. The annual report was signed as of June 13, but it was not immediately clear what time period it covered. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads US President Donald Trump reported hundreds of millions of dollars in income from crypto , golf clubs and licensing ventures in a public financial disclosure report released on Friday that provided a glimpse of the vast business holdings of America's billionaire annual financial disclosure form, which appeared to cover the 2024 calendar year, shows the president's push into crypto added substantially to his wealth but he also reported large fees from developments and revenues from his other Trump has said he has put his businesses into a trust managed by his children, the disclosures show how income from them still ultimately accrue to the president - something that has opened him to conflicts of interest. Some of his businesses in areas such as crypto, for example, benefit from US policy shifts under him and have become a source of White House did not immediately respond to a request for financial disclosure was signed on June 13 and did not state the time period it covered. The details of the cryptocurrency listings, as well as other information in the disclosure, suggest it was through the end of December 2024, which would exclude most of the money raised by the family's cryptocurrency the speed at which the Trump family has made deals during his ascent to the presidency, the filing is already a time capsule of sorts, capturing a period when they were just starting to get into crypto but were largely still in the world of real estate deals and golf clubs.A meme coin released earlier this year by the president - $TRUMP - alone has earned an estimated $320 million in fees, though it's not publicly known how that amount has been divided between a Trump-controlled entity and its addition to the meme coin fees, the Trump family has raked in more than $400 million from World Liberty Financial, a decentralized finance company. The Trump family is involved, also, with a bitcoin mining operation and digital asset exchange-traded the disclosures, Trump reported $57.35 million from token sales at World Liberty. He also reported holding 15.75 billion governance tokens in the wealth of the Republican businessman-turned-politician ranges from crypto to real estate, and a large part on paper is tied up in his stake in Trump Media & Technology Group, owner of social media platform Truth disclosure showed income from various assets including Trump's properties in Florida. Trump's three golf-focused resorts in the state - Jupiter, Doral and West Palm Beach - plus his nearby private members' club at Mar-a-Lago generated at least $217.7 million in income, according to the disclosure also listed income of $5 million in license fees from a development in collected royalty money, also, from a variety of deals - $1.3 million from the Greenwood Bible (its website describes it as "the only Bible officially endorsed by Lee Greenwood and President Trump"); $2.8 million from Trump Watches, and $2.5 million from Trump Sneakers and listed $1.16 million in income from his NFTs - digital trading cards in his likeness while First Lady Melania Trump earned around $216,700 from license fees her own NFT collection.
Time of India
an hour ago
- Time of India
Nippon Steel–US Steel deal approved: Trump signs executive order; contingent on compliance with security agreement
Image used for representative purposes US President Donald Trump has signed an executive order enabling Japanese firm Nippon Steel's investment in US Steel, contingent upon compliance with a government-mandated "national security agreement". The joint statement from both companies confirms $11 billion in new investments by 2028 and the provision of a "golden share" to the US government, ensuring protection of national security interests regarding steel production. They expressed gratitude to Trump's administration, highlighting the partnership's significance for American manufacturing. Following completion of regulatory approvals and Department of Justice review, the partnership awaits prompt finalisation. US Steel shares increased by $2.66 to $54.85 in Friday's afterhours trading, compared to Nippon Steel's initial bid of $55 per share in late 2023. The acquisition concludes the long-time uncertainty regarding international control of a crucial state resource that started when US Steel and Nippon Steel disclosed their intentions for a $14.9 billion merger in December 2023. Details regarding the golden share mechanism, national security agreement provisions and investment allocation remain limited. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pinga-Pinga e HBP? Tome isso 1x ao dia se tem mais de 40 anos Portal Saúde do Homem Clique aqui Undo White House spokesman Kush Desai emphasised the order's role in maintaining US Steel's presence in Pennsylvania. Legal expert James Brower noted that such agreements typically remain confidential, particularly from the government's perspective. The transaction, originally valued at nearly $15 billion, faced delays due to national security concerns during Biden's presidency. American officials now value it at $28 billion, including the purchase bid and plans for a new electric arc furnace post-2028, reported AP. Nippon Steel committed to maintaining Pittsburgh headquarters, establishing an American-majority board, protecting plant operations and trade interests, while avoiding steel slab imports that would compete with US blast furnaces. Trump, initially opposing the purchase, later showed willingness to negotiate. He claimed "total control" through the golden share, though Nippon Steel maintains its intention for full ownership. The order acknowledges potential national security risks but suggests adequate mitigation through the security agreement. The Treasury Department and CFIUS agencies must approve the agreement's execution by the transaction's closing date, with Trump retaining authority for further actions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
an hour ago
- Time of India
Oil up 8%, but India may not feel much pain
NEW DELHI: The Israel-Iran conflict may not immediately disrupt global oil supplies , but the tensions could keep prices elevated, squeezing oil marketing companies' margins while having little impact on consumer prices, according to executives at Indian refining firms. An Israeli strike on Iranian nuclear and military facilities, followed by Iran's vow to retaliate, sent shockwaves through the oil market on Friday, pushing benchmark Brent crude up 8 per cent to $75 a barrel. "It is in the interest of the US, Iran, and other West Asian producers to keep oil flowing without disruption," said a refinery executive, speaking on the condition of anonymity. "Producers in the region will not want their trade disrupted, and Trump will be wary of global supply shocks that could push up US pump prices." "India's crude supply basket is currently well-diversified and West Asia has a comparatively smaller footprint than it was a decade ago," said M K Surana, the CEO of Ratnagiri Refinery and Petrochemicals Ltd and former chief of HPCL . Russia currently supplies about 40 per cent of India's crude imports. "More than supply, it's the price risk that's more relevant to India. This can weigh on oil marketing companies' margins." "Structurally, the global oil market supports lower crude oil prices with increased OPEC+ supplies and weak demand growth. But escalating geopolitical tensions brings in risk premium in oil prices, higher freight and insurance costs," Surana said. "Speculation creates upward momentum in prices." Despite the rise in crude prices, domestic fuel rates are unlikely to be affected as pump prices in India are already at elevated levels, said another executive.
