Gold rates today down ₹4300 from record high. Is it the right time to buy gold?

Gold rate today: Following a rebound in the US dollar rates and ease in the US-China trade war tension, gold prices have been under the selling heat for the last three sessions. After climbing to the record high of ₹99,358 per 10 gm levels, MCX gold rates ended just above ₹95,000 per 10 gm on Friday, retracing over ₹4,300 per 10 gm from the lifetime high made on Tuesday. In the international market, spot gold price witnessed a record single-day fall of over $100 on Wednesday and finally ended on Friday at $3,298.20 per ounce, over $200 below the lifetime high. COMEX gold prices finished at $3,318 per troy ounce on Friday.

According to commodity market experts, gold rates today are under pressure due to a strong rebound in the US dollar and easing tension in the US-China trade war. They said the US Dollar Index bounced back after hitting below 98 levels when reports of the White House slashing tariffs on China started surfacing. Such reports boosted US dollar sentiments, which worked as an impediment to skyrocketing gold prices.

Thaw in US-China trade war

Speaking on the recent drag in gold prices, Jateen Trivedi, VP of Research — Commodity & Currency at LKP Securities, said, “Growing expectations of a possible trade thaw between the US and China triggered the recent downside in gold prices. Notably, China signalled a softer stance by reducing the 145% tariff on select US products, hinting at a potential willingness to negotiate. This shift in tone has reduced the safe-haven premium on gold.”

“A significant factor dampening gold’s appeal has been the hopes for de-escalation in the US-China trade conflict. Signals from the US administration suggesting substantial reductions in tariffs on Chinese goods, coupled with reports that China has exempted some US items from heavy tariffs, have further alleviated trade-related fears while boosting risk appetite. This shift encourages investment in riskier assets and reduces demand for traditional safe havens like gold,” said Sugandha Sachdeva, Founder of SS WealthStreet.

Rising US dollar rates

Pointing towards the rising US dollar rates, Sugandha said, “The US Dollar index, which had earlier fallen below the 98 mark to a three-year low, has witnessed a rebound. This was supported by a more conciliatory stance from President Trump toward the US Fed Chair Jerome Powell.”

Is it the right time to buy gold?

Advising gold investors to remain vigilant about the US-China news, Jateen Trivedi of LKP Securities said, “If trade discussions progress further, gold could remain under pressure, especially if $3,300 support in Comex is breached decisively on Monday. The metal may soon witness further unwinding of long positions, with volatility driven by fresh headlines around tariff policy.”

Expecting buying at support levels ahead of Akshaya Tritiya 2025, Sugandha Sachdeva said, “As for the price outlook, the MCX gold rate has immediate support at ₹93,500 per 10 gm mark ($3,250/oz), with the next critical level seen near ₹89,500 per 10 gm. These lower levels could attract renewed buying interest, especially ahead of Akshaya Tritiya on April 30, a key Indian festival traditionally associated with gold purchases.”

Sugandha added that, on the upside, the ₹99,500 to ₹1,00,000 per 10 gm zone ($3,500/oz) remains formidable resistance for the MCX gold rate. Given the softening of the tariff narrative, a sustained breakout above this zone appears challenging in the near term, said Sugandha.

Triggers for gold rates today

On triggers that may dominate gold prices in the near term, Sugandha Sachdeva of SS WealthStreet said, “All eyes now turn to a packed economic calendar next week, including the US Q1 GDP, PCE inflation, and April non-farm payrolls data, which are expected to provide further direction for gold prices.”

On the outlook of gold prices today, Sugandha Sachdeva said, “Gold prices are likely to consolidate, influenced by the competing forces of lingering geopolitical uncertainty and the recent shift towards risk-on sentiment fueled by trade optimism and a stronger dollar. While festival demand may offer support at lower levels, the significant upside appears capped near the record highs unless fresh catalysts emerge, particularly from the upcoming US economic data.”

Gold rate today in Delhi, Mumbai, and other cities

According to the information available on the India Bullions Association (IBA), here is the list of gold rates today in Delhi, Mumbai, and other Indian metro cities:

Gold rates in Delhi — ₹94,930/10 gm;

Gold rates in Mumbai — ₹95,090/10 gm;

Gold rates in Bengaluru — ₹95,170/10 gm;

Gold rates in Chennai — ₹95,370/10 gm; and

Gold rates in Kolkata — ₹94,970/10 gm.

Disclaimer: This story is based on exchange filings by Reliance Industries and is for educational purposes only. The views and recommendations above, if any, are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making investment decisions, as market conditions and circumstances may vary rapidly.