Gold prices in India jumped sharply on Wednesday, April 9, after RBI cut its repo rate by 25 bps points for the second time in a row. The performance also comes after yellow metal corrected significantly to a four-week low in the past few days. Prospects of a full-fledged trade war between the US and China, which heightened fear of global recession, increased investors' appetite for haven assets like gold. In India, MCX gold jumped by Rs 2,014 per 10 grams in a single day and even neared the Rs 90,000 mark. The bullion is now Rs 1,761 away from hitting its record level.
MCX Gold Price In India:
At the time of writing, MCX gold price traded at Rs 89,402 per 10 grams, up by Rs 1,754 or 2%. The bullion which has June 2025 expiry, climbed as high as Rs 2,014 to hit an intraday high of Rs 89,662 per 10 grams in the early trade.
Compared to the current intraday high, MCX Gold price is Rs 1,761 away from touching its all-time high of Rs 91,423 per 10 grams.
Also, MCX gold, with May 2025 expiry, was near its all-time high of Rs 90,937 per 10 grams. This bullion traded at Rs 89,123 per 10 grams, surging by Rs 1,674 or 1.91%, which was near its intraday high of Rs 89,295 per 10 grams.
24K gold price soared by Rs 710 to Rs 90,410 per 10 grams, while 22K gold and 18K gold advanced by Rs 650 and Rs 530 to Rs 82,900 and Rs 67,830 per 10 grams respectively.
The latest jump in gold prices has narrowed the decline of 2.6% in April 2025.
Gold Prices In India Performance In 10 Days:
In 10 grams, 24K gold price slipped by Rs 650 on April 8, followed by a decline of Rs 280 on April 7. However, prices were unchanged on April 6. Last week, gold price recorded its worst single-day decline of 2025, with 24K gold falling by Rs 1,740 on April 4 and by Rs 980 on April 5th. Before this, gold prices were broadly in green.
For instance, gold prices in India surged by Rs 540 in 10 grams of 24K on April 3rd, while the prices were up by Rs 930 on April 1 and also higher by Rs 710 on March 31. Gold prices were unchanged on April 2nd and March 30.
Due to the past five days' decline, gold prices in India are down by 3.4% in April so far. This is compared to a strong surge of 6.11% in March 2025.
Spot Gold Price:
As per Trading Economics, gold rose over 2% to around $3,040 per ounce on Wednesday, driven by safe-haven demand as the prospect of a full-blown trade war fueled fears of a global recession. President Donald Trump's tariffs on dozens of countries are now in effect, including massive 104% duties on Chinese goods. China refused to bow to what it called blackmail, vowing to "fight to the end".
Trading Economics added, that Trump also said on Tuesday that he will soon announce a "major" tariff on pharmaceutical imports. Further supporting the precious metal, the World Gold Council reported that gold-backed ETFs saw an inflow of 226.5 metric tons worth $21.1 billion in the first quarter, the largest amount in three years. Meanwhile, investors are awaiting the release of the U.S. Federal Reserve's March policy meeting minutes, due later in the day, to gauge policymakers' rate cut pain point.
Furthermore, Rahul Kalantri, VP of Commodities, Mehta Equities said, that gold and silver witnessed sharp volatility, initially surging on short-covering and bargain buying at lower levels. However, the momentum faded after a drastic move by the U.S. administration, which imposed a massive 104% tariff on Chinese imports. In a broader shift, the U.S. President announced sweeping changes to global trade policies, scrapping decades of tradition with a 10% baseline import tariff and aggressive levies on countries with high trade surpluses.
"These unpredictable policy shifts have triggered intense volatility across markets, limiting upside in bullion despite initial strength," Kalantri said,
Going ahead, Kalantri said, Gold has support at $2978-2955 while resistance at $3040-3065. Silver has support at $29.55-29.30 while resistance is at $30.20-30.45. In INR gold has support at Rs 87,260-86,750 while resistance at Rs 87,910-88,390. Silver has support at Rs 87,700-87,050 while resistance at Rs 89,500-90,350.
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