Gold Price In India Weekly Outlook: MCX Closed On April 14; 10 Grams Gold May Hit Rs 96,000 During April 15-17

Gold prices in India will see a holiday-shortened trading week due to Ambedkar Jayanti and the Good Friday holiday on April 14th and April 18. Last week, there was a strong bullish trend in yellow metal, with 10 grams of gold in 24K and MCX Gold hitting new records of Rs 95,670 and Rs 93,940. So far, gold has given 18-20% returns due to its back-to-back record high rallies. In the trading week from April 15 to April 17, gold and silver may continue to see gaining momentum. MCX gold is expected to hit the Rs 96,000 mark.

Commodity Market Holiday On April 14:

As per MCX's holiday list, commodities market will be closed on April 14 due to the celebration of Ambedkar Jayanti. That being said, on Monday, traders will not be able to buy or sell gold, silver, natural gas, copper, zinc, crude oil, and other commodities.

Gold Prices In India:

Gold prices have been rallying and hitting new highs from April 9th to 12th, recovering their early losses and surging by more than 3% so far in April. 100 grams of gold in 24k surged by Rs 7,100 on April 9th, followed by the biggest single-day jump of Rs 29,400 on April 10th, a Rs 20,200 climb on April 11th, and lastly, a Rs 2,700 surge on April 12th.

Similarly, 10 grams of 24K jumped by Rs 710 on April 9th, Rs 2,940 on April 10th, Rs 2,020 on April 11th, and Rs 270 on April 12th. Cumulatively, 100 grams and 10 grams of gold in 24K advanced by a whopping Rs 59,400 and Rs 5,940 from April 9th to 12th.

On April 13th, however, gold prices took a breather from their record rally. On Sunday, gold prices were unchanged with 24K gold at 100 grams priced at Rs 9,56,700 and 10 grams at Rs 95,670. Further, 100 grams and 10 grams of gold in 22K stood at Rs 87,700 and Rs 877,000. Additionally, in 18K, gold prices stood at Rs 717,600 for 100 grams and at 71,760 for 10 grams.

MCX Gold, Silver Prices:

Last week, on Friday, MCX gold price ended at Rs 93,887 per 10 grams, after hitting a new historic high of Rs 93,940 per 10 grams during the trading session. Gold price surged by 18-19% year-to-date.

Spot Gold Price:

According to Trading Economics, spot gold fell to around $3,220 per ounce on Monday, retreating from an all-time high, as trade tensions eased after President Donald Trump granted tariff exemption on electronic products primarily imported from China. However, Commerce Secretary Howard Lutnick on Sunday said that these goods, along with semiconductors, will face new duties within the next two months, stirring up more uncertainty over the administration's trade policy.

Last week, spot gold touched a new record high of $3245.27.

Gold Prices In India Outlook For April 14-18:

As per SMC Global Securities' weekly report, gold prices surged by over 5.7%, breaching the critical $3,200 per ounce level on COMEX for the first time ever, driven by a weaker dollar, escalating US-China trade tensions, and rising safe-haven demand.

Also, the sharp depreciation in the US Dollar index, which slipped nearly 3% during the week ending April 11, was a key trigger for gold's sharp rebound, it said.

Highlighting further, SMC's note pointed out that the trade war escalated after President Trump raised tariffs on Chinese imports to 145% while placing a temporary 90-day pause on some prolonged disruption in global trade and further safe-haven buying.

Adding to the geopolitical and trade-related concerns, SMC mentioned that central bank gold purchases, expectations of interest rate cuts by the Federal Reserve, and strong inflows into gold-backed ETFs have also supported the rally. Also, inflation fears persist, despite softer-than-expected US CPI data for March 2025.

Further key factor to add bullish momentum for gold, as per SMC, is the expectation of further monetary easing by the US Federal Reserve and persistent gold purchases by global central banks. In addition to this, the latest US inflation print showed broad cooling in March, leading traders to anticipate multiple rate cuts by the end of 2025.

So far, this year, yellow metal zoomed by over 20%.

That being said, for the trading week ahead, on technical terms, SMC is predicting a $3,280 level for spot gold as the next resistance, and a breakout price could potentially push gold to the $3,340 zone. However, the key downside risk is $3,190 levels.

At MCX, in the coming days, SMC expects gold to trade between Rs 89,900 to Rs 96,000. Silver is likely to follow gold's momentum, with COMEX expected to stay within $28.80 to $34. It said the gold-silver ratio surged to 105.50, the highest since May 2020, still below its all-time high of 126.43, indicating further upside potential in silver. On MCX, silver may trade in the range of Rs 88,900 to Rs 1,05,000.