After a relentless seven-day rally that pushed the yellow metal to record highs, gold prices in India today have finally corrected, bringing much-needed relief to retail buyers. The 24 carat gold rate in India has dropped by Rs.30,000 per 100 grams (Rs.3,000 per 10 grams). Over the past week, 24K gold in India jumped by a whopping Rs.54,770 per 100 grams, as global cues and safe-haven demand fuelled a price spike. This big drop in the gold rate today in India is seen as a welcome opportunity for gold buyers who had been waiting on the sidelines for a price dip. With this correction, industry analysts expect increased footfall in jewellery stores and renewed interest in gold investment among people
Gold Rate in India Today Drop Sharply After Bull Run
On 23rd April, both pure and standard gold fell from record high level. As of today, 22 carat gold rate in India slipped by Rs. 2,750 per 10 grams to cost Rs. 90,150. While the 24 carat gold prices are now off-peak at Rs. 98,350, slipping Rs. 3000. Similarly, 18 carat gold rate also dropped Rs. 2250 to retail at Rs. 73,700.
In a similar line, the 100 grams of 22-carat gold plunged Rs. 27,500 to stand at Rs. 9,01,500. While the 24-carat gold prices in India per 100 grams decreased to Rs. 30,000, which is now retailing at Rs. 9,83,500.
Why Gold Prices Fell Today?
One of the major reasons behind the drop in gold prices today is the rebound in the US dollar index, following news that US President Donald Trump has backed off from plans to dismiss Federal Reserve Chair Jerome Powell. This development helped the US dollar recover from its three-year low, which in turn put downward pressure on global gold prices in early trade.
However, gains in the dollar were limited due to weaker-than-expected economic data from the United States, which kept the pressure on the yellow metal somewhat in check.
Additionally, fresh reports suggest that the US may be moving towards de-escalating its ongoing trade war with China, which has been a major driver of safe-haven buying in recent weeks. This further contributed to the drop in international spot gold prices and influencing the gold price today in India.
MCX Gold and Silver Futures Update
On the Multi Commodity Exchange (MCX), gold futures slated to mature on June 5, 2025, also experienced a big decline today, trading at Rs. 95,898 after slipping 1.48%. Similarly, silver futures, with an expiry date of May 5, 2025, dropped today by 0.29% to trade at Rs 95,598.
City-Wise Gold Rates Today
The gold price in India today fell across major cities, including Chennai, Mumbai, Bangalore, and Hyderabad. Here's the latest city-wise update on 22-carat and 24-carat gold rates on 23rd April.
In Chennai, the 24-carat gold rate stands at Rs. 98,350 per 10 grams, while the 22-carat gold price in Chennai is Rs. 90,150 per 10 grams.
In Bangalore, the gold rate for 24-carat is Rs. 98,350 per 10 grams, and the 22-carat gold rate in Bangalore is Rs. 90,150 per 10 grams.
In Hyderabad, the 24K gold price is Rs. 98,350 per 10 grams, and the 22K gold rate in Hyderabad is Rs. 90,150 per 10 grams.
In Mumbai, the 22-carat gold rate is Rs. 90,150 per 10 grams, while the 24-carat gold price in Mumbai remains at Rs. 98,350 per 10 grams.
"Gold is expected to take a pause in its rally and trade lower amid recovery in the dollar. Further, growing bets of a trade deal between key trading nations will improve risk appetite and bring correction in the safe haven assets. Moreover, a sign of lower tariffs from the US on China could bring down volatility in price. Additionally, US presidents comments to not fire the Fed's Powell will support the dollar. At the same time, focus will shift towards key economic numbers from the US, which could bring more clarity on the timing of interest rate cuts. On the data front, a fresh addition of OI in the OTM call strike at 3450 has been observed, which could act as a key hurdle for now. Furthermore, unwinding of put base indicates correction towards the $3300 mark." As per the ICICI Direct Commodity Report.
Spot Gold Prices + Spot Silver Price Today
According to Reuters, Spot gold fell 0.7% to $3,357.11 an ounce by 0256 GMT. U.S. gold futures fell 1.5% to $3,366.80. Spot silver rose 0.5% to $32.67 an ounce. The decline comes amid widespread profit booking and a marginal recovery in the U.S. dollar index."
DISCLAIMER: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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