Gold Price Today: The yellow metal reversed gains on Wednesday, April 23, after hitting back-to-back record highs, amid denting safe-haven appeal on hopes of easing US-China trade tensions. The yellow metal had previously extended its rally driven by the bullion’s safe-haven appeal amid global uncertainty over the trade war tensions between the US and China.
Back home, gold futures last traded 2.6 per cent lower at ₹94,814 per 10 gram on the multi-commodity exchange (MCX) at the time of writing. MCX gold futures swung between ₹94,000 and ₹96,500 in the session, against a previous close of ₹97,340. The June 5 gold futures contract hit a new record high of ₹99,358 per 10 grams on the multi-commodity exchange (MCX) yesterday.
The MCX gold rate for the June contract opened lower by ₹840 or 0.86 per cent at ₹96,500 per 10 grams compared to a previous close of ₹97,350, tracking weakness in the international bullion price. However, easing trade war tensions on a softer US stance triggered profit booking, dragging the yellow metal down by ₹3,900 to ₹95,457 per 10 grams in intraday trade earlier today.
Gold on Wednesday extended its retreat from an all-time high, falling more than 3%, as appetite for riskier assets improved after President Donald Trump said he has no plans to fire the U.S. central bank chief and also signalled progress with China on the tariff front.
Spot gold slipped 3.2% to $3,274.35 an ounce by 11:40 a.m. ET (1540 GMT), after hitting a record high of $3,500.05 in the previous session. U.S. gold futures dropped 3.9% to $3,286.30.
Sentiment in wider financial markets improved and the dollar rebounded after President Trump backed off from threats to fire Federal Reserve Chair Powell after days of intensifying criticism of the central bank chief for not cutting interest rates. U.S. Treasury Secretary Scott Bessent said on Wednesday that he believes excessively high tariffs between the U.S. and China will have to come down before trade negotiations can proceed.
Gold, used as a safe store of value during times of political and financial uncertainty, has gained more than 26% since the start of 2025, boosted by central bank buying, tariff war fears and strong investment demand. Silver was up 2.8% at $33.42 an ounce, platinum gained about 1.3% to $971.02 and palladium rose 0.7% to $942.76.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Gold prices witnessed sharp weakness, declining by ₹1,500 to settle at ₹95,800 on MCX, after hitting an intraday low of ₹94,950. This marks a steep sell-off of nearly ₹2,500 since April 3rd, signaling a possible short-term reversal from recent peak highs.
The month of April remains highly volatile, with technical charts showing early signs of trend exhaustion. 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.
Looking ahead, gold is expected to trade in a broad range between ₹94,000– ₹98,000, with elevated volatility likely to persist. Traders are advised to maintain strict risk management, especially in such overstretched market conditions.”
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