Gold prices in India witnessed a sharp decline on April 23, marking a significant shift from record highs reached a day earlier.
Investors reacted to optimistic developments in trade talks between the United States and China, diminishing gold’s appeal as a safe-haven asset.
At 9 AM on the Multi Commodity Exchange (MCX), gold dropped by Rs 1,358 per 10 grams to Rs 95,982 per 10 grams. Similarly, silver saw a decrease of Rs 387 per kilogram, settling at Rs 95,492 per kg.
Dr. Renisha Chainani, Head of Research at Augmont, explained that this steep fall came in response to reassurances from the US President and reduced geopolitical tensions. Chainani projected a new trading range for gold and silver prices based on recent market movements.
City-wise, gold and silver rates varied slightly. For instance, gold prices in Bengaluru were Rs 96,080 per 10 grams, whereas in Mumbai, they stood at Rs 95,990 per 10 grams. Silver prices across cities ranged from Rs 94,860 to Rs 96,120 per kilogram.
The drop reflects a recalibration of investor sentiment toward precious metals amidst global political developments. Experts urge caution in trading and advise consulting a financial advisor before making investment decisions.
