Gold Gives 18% Returns YTD: What Will Impact Gold Prices In India On Wednesday, April 2?

Gold prices in India extended their record rally on April 1st, with 24K gold hitting new all-time high of Rs 92,850 per 10 grams and MCX gold price climbed to touch Rs 91,400 per 10 grams for the first time. Gold has outperformed major asset classes like stocks, dollars, and other commodities. Year-to-date, MCX gold alone provided impressive 18% returns. That being said, gold is expected to keep its winning streak, and on Wednesday, April 2nd, MCX gold is likely to cross the Rs 92,000 mark.

Gold Prices In India:

24K gold price is at Rs 92,850 per 10 grams in the early hours of Wednesday, while 22K and 18K gold prices are at Rs 85,110 and Rs 69,640 per 10 grams respectively. The price of 1 gram of gold in India is currently Rs 9,285 per gram for 24-karat gold, Rs 8,511 per gram for 22-karat gold and Rs 6,964 per gram for 18-karat gold (also called 999 gold).

Silver Prices In India:

1Kg silver holds above Rs 1,05,000 mark. On Wednesday, the 1 kg silver price in India is at Rs 1,05,100, while the 1 gram price is at Rs 105.10. In cities like Chennai, Hyderabad, and Kerala, the price of 1Kg silver is Rs 1,14,100.

MCX Gold, Silver Prices:

MCX gold, with its June 2025 expiry, touched a new all-time high of Rs 91,400 per 10 grams on Tuesday, before ending at Rs 91,205 per 10 grams, up by 0.4%.

Meanwhile, MCX's silver price has touched Rs 1 lakh mark, before ending at Rs 99,934 per 1kg, up by 0.5%.

Rahul Kalantri, VP Commodities, Mehta Equities said, gold and silver witnessed a rollercoaster session on Tuesday, rising sharply in early trades but struggled to hold on to gains as the market braces for the U.S. trade tariff announcements. Gold briefly touched a historic $3,177 per ounce, only to see profit-taking erode its advance. Silver also came under pressure, weighed down by sluggish industrial metals and disappointing U.S. economic indicators. Despite this short-term pullback, the broader bullish sentiment for precious metals remains firm, with escalating trade tensions likely to sustain their safe-haven appeal.

Spot Gold:

As per Trading Economics, gold rose above $3,130 per ounce on Wednesday, climbing back toward record levels reached in the previous session, driven by risk aversion as markets braced for additional US tariffs that could escalate the global trade war. The White House did not disclose details on the tariffs' scope but said they would take effect immediately after being unveiled. President Trump also hinted the duties would impact many countries, raising concerns about broad economic fallout. Additionally, gold was supported by expectations of interest rate cuts, central bank buying, and strong demand for gold-backed ETFs. The Chinese gold ETF added 233,000 ounces of notional bullion over the past week. Meanwhile, recent U.S. economic releases showed weak jobs data and a poor manufacturing report. Investors are now focused on Friday's nonfarm payroll report for more insights into the Fed's rate path.

What Will Impact Gold On Wednesday?

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, with gold already factoring in most of the tariff-related moves, any delay or lower-than-expected tariffs could trigger further profit booking. On MCX, gold registered a fresh all-time high of ₹91,400 in the June contract, marking an impressive 18% gain in 2025 so far. The week ahead remains highly volatile, with a trading range projected between ₹88,500-₹92,500. Additionally, key economic data, including Manufacturing and Services PMI, ADP unemployment, Nonfarm Payrolls, and US Unemployment data, will keep traders on edge, influencing gold's movement further.

Kalantri added, "Gold has support at $3105-3084 while resistance is at $3152-3175. Silver has support at $33.62-33.40 while resistance is at $34.10-34.36. In INR terms, gold has support at Rs90,200-89,960 while resistance is at Rs90,920-91,290. Silver has support at Rs98,700-98,150 and resistance is at Rs1,00,720-1,01,650."