Gold prices in India are likely to witness volatility on Friday, April 25th, owing to a lack of clarity and persistent tariff-driven tensions. Gold prices tumbled for two prior consecutive days, with 24K gold erasing its Rs 1,00,000 mark significantly. Comex gold also pulled back from its all-time high of $3,500, with MCX gold also correcting sharply from its peak. All eyes are on China's strong and clear stance to trade tensions with US.
In the early deals of Friday, 10 grams of gold in 24K slipped to Rs 98,230, while 22K and 18K gold prices stood at Rs 90,040 and Rs 73,670 per 10 grams.
Gold prices have dipped by Rs 110 on April 24th in 24K of 10 grams, followed by biggest 2025 single-day decline of Rs 3,000 on April 23. Gold prices have been correcting since it touched new all-time high of Rs 1,01,350 per 10 grams in 24K and Rs 92,900 per 10 grams in 22K on April 22nd.
MCX Gold, Silver Prices:
MCX gold prices have corrected from their new peak of Rs 99,358 per 10 grams which was recorded on April 22nd as well. MCX gold, with June 2025 expiry, stood at Rs 95,962 per 10 grams by end of April 24th session, which higher by Rs 1,240 from April 23rd print.
Meanwhile, silver prices plunged marginally to end at Rs 97,475 per 1kg at MCX. Silver has been underperforming gold in April month.
Spot Gold Price:
On Friday, gold price extended its gains to above $3,350 an ounce level, which takes it on path for third weekly gains.
President Trump stated that trade talks with China are in progress, countering Chinese claims that no discussions have taken place to ease the ongoing dispute. Meanwhile, US Treasury Secretary Bessent said the steep tariffs between the two countries must be reduced before negotiations can move forward, but emphasized that Trump would not unilaterally lower tariffs on Chinese imports. Earlier in the week, gold surged to a fresh record of $3,500 on concerns over the US economy but retreated after Trump backed off threats regarding the Fed's autonomy. Gold has now climbed over 30% year-to-date, while the gold-to-silver ratio has surged to its highest level since 1994 (excluding the pandemic), highlighting bullion's strong outperformance, as per Trading Economics.
What Will Impact Gold Rates In India?
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold trades higher with strong gap-up, volatility to persist.
"The renewed upside came after a sharp shift in the Trump administration's tone - indicating that tariffs may still remain a central part of the conversation before any concrete trade talks with China begin. This delay in diplomatic progress, coupled with uncertainty around China's official response, continues to keep risk sentiment elevated. Notably, China has yet to issue a strong or clear stance on the trade discussions, which adds to the geopolitical fog," Trivedi added.
Lastly, Trivedi said, given the lack of clarity and persistent tariff-driven tension, gold is likely to remain highly volatile. Price action between ₹94,000-₹97,000 in MCX can be expected over the next two sessions, offering trading opportunities on both long and short sides. The directional trend will remain data- and headline-sensitive.
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