Gold halts record rally, drops ₹2,400 to ₹99,200/10 g amid easing U.S.-China tensions
The Hindu
Gold prices hit record highs, then sharply fell due to easing tariff concerns, with silver prices also fluctuating.
Gold prices took a U-turn from the historic ₹1 lakh-mark and declined ₹2,400 to ₹99,200 per 10 gram in the National Capital on Wednesday (April 23, 2025) amid weak global trend.
According to the All India Sarafa Association, the precious metal of 99.9% purity spurted by ₹1,800 to hit the lifetime peak of ₹1,01,600 per 10 grams on Tuesday.
Gold of 99.5% fall sharply by ₹3,400 to ₹98,700 per 10 grams on Wednesday, a day after jumping ₹2,800 to an all-time high of ₹1,02,100 per 10 grams in the local markets.
"Gold prices corrected after reaching record highs, as safe-haven demand softened following President Donald Trump's comments that the steep tariffs on Chinese goods imposed during the trade war escalation will soon be substantially reduced," Abans Financial Services' Chief Executive Officer Chintan Mehta said.
Meanwhile, silver prices jumped ₹700 to ₹99,200 per kg on Wednesday. The white metal had closed flat at ₹98,500 per kg in the previous session.
On the Multi Commodity Exchange (MCX), gold futures for June delivery dipped ₹1,435 or 1.47% to ₹95,905 per 10 grams. It rose to touch a record high of ₹99,358 per 10 grams in the previous market close.
In addition, the price of August contract depreciated by ₹1,330 or 1.36% to ₹96,669 per 10 grams against the previous close of ₹1,00,000 per 10 grams, also its historic high on the MCX.
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