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Gold prices cool from record high, but is the rally just getting started?

Gold prices cool from record high, but is the rally just getting started?

The Hindu
Wednesday, April 23, 2025 10:23 AM GMT

Gold prices saw a sharp correction on Wednesday after touching record highs a day earlier, but analysts say the yellow metal is likely to stay strong in 2025 amid global uncertainty and sustained demand from central banks.

Gold prices saw a sharp correction on Wednesday after touching record highs a day earlier, but analysts say the yellow metal is likely to stay strong in 2025 amid global uncertainty and sustained demand from central banks.

After breaching record highs on Tuesday, gold price fell by ₹1,358, or 1.40% at ₹95,982.00 per 10 grams on the Multi Commodity Exchange of India (MCX) on April 23, 2025.

On Tuesday, the MCX Gold rate for June contract hit a record high of ₹99,358 per 10 grams. However, easing trade war tensions triggered profit booking, dragging the yellow metal down by ₹3,900 to ₹95,457 per 10 grams in intraday trade on Wednesday.

The prices fell in the international market too, as U.S. President Donald Trump expressed optimism for a trade deal with China, Reuters reported. Spot gold prices fell 0.7% to $3,357.11 an ounce, while U.S. gold futures dropped 1.5% to $3,366.80.

Gold, a safe-haven asset, has been on a record-breaking spree in 2025, delivering a gain of over 28% so far this year. Over the last year, gold has gained 45%.

“Investors often flock to safe assets like gold when geopolitical tensions and economic uncertainties rise,” Ajit Mishra, SVP - Research, Religare Broking, told The Hindu. Analysts believe that a combination of factors, like geopolitical tensions, economic uncertainties, and market volatility, has led to the steep increase in the price of gold.

Impact of Trump’s tariffs

Read full story on The Hindu
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