Gold Jumps Over ₹1,000 in a Day—Here’s Why Traders Are Rushing In
Gold Price Today: Rates Rebound on Weaker Dollar, Strong Demand
Gold Jumps Over 1% as Market Rebounds from Sharp Fall
Gold prices made a strong comeback on Thursday, April 24, in both the domestic and global markets. After falling 2.7% in the previous session, gold on the MCX (Multi Commodity Exchange) surged over 1.1% in early trade.
At around 9:10 AM, the MCX Gold June 5 contract was trading at ₹95,770 per 10 grams, showing renewed investor interest. In the spot market, 24-carat gold in Delhi touched ₹98,513 per 10 grams, reflecting strong physical demand as well.
Why Are Gold Prices Rising Today?
-
Dollar Index Drops 0.3%: A weaker dollar makes gold more attractive for foreign buyers.
-
Safe-Haven Demand: Uncertainty around the US-China trade war and Federal Reserve policy keeps investors cautious.
-
Bargain Buying: Global prices fell earlier this week, prompting traders to buy the dip.
-
Spot Demand Rises: Jewelers and investors are stocking up as wedding season approaches in India.
Global Gold Trends: Trade War Fears and Fed Jitters Push Demand
Gold prices also rose internationally, rebounding over 1% after hitting a near one-week low. The bounce is fueled by optimism over a possible US-China trade agreement and speculation that tariffs could be lowered significantly.
Trump’s Comments Stir the Market
-
Trump suggested he’s not planning to remove Fed Chair Jerome Powell.
-
He hinted at easing import tariffs on Chinese goods, potentially reducing them from 145% to 50–65%.
-
This cooled panic slightly, leading to profit booking in gold yesterday, but today’s bounce suggests optimism is back.
Expert Price Levels: What to Watch Today
Gold (in USD)
| Analyst | Support | Resistance |
|---|---|---|
| Rahul Kalantri | $3,310–3,285 | $3,362–3,385 |
| Manoj Kumar Jain | $3,264–3,220 | $3,330–3,374 |
Gold (in INR)
| Analyst | Support | Resistance |
|---|---|---|
| Rahul Kalantri | ₹94,450–94,080 | ₹95,650–96,090 |
| General MCX View | ₹94,000–93,350 | ₹95,400–96,100 |
Silver (in INR)
| Analyst | Support | Resistance |
|---|---|---|
| Rahul Kalantri | ₹96,880–96,150 | ₹98,450–99,250 |
| General MCX View | ₹96,950–96,200 | ₹98,500–99,400 |
Delhi Gold Prices Hit ₹98,513—City-Wise Snapshot
-
Delhi Spot Price (24K): ₹98,513/10 gm
-
MCX Futures (June 5): ₹95,770/10 gm
-
Silver (999 Fine): ₹98,390/kg
What Should Investors Do Now?
With the dollar weakening and spot demand heating up, gold is back in focus. Analysts suggest:
-
Short-term traders should watch key resistance at ₹96,100. If breached, a fresh rally could start.
-
Long-term investors may accumulate on dips as macro uncertainty supports gold’s safe-haven status.
-
Silver is also seeing steady buying. Resistance near ₹99,000 could be tested if momentum continues.
Technical View: Gold Could Retest ₹1 Lakh?
In the retail market earlier this week, gold briefly touched the ₹1 lakh per 10 grams mark due to:
-
Intensified trade tensions between the US and China.
-
Global fears of economic slowdown.
-
Fed policy uncertainty.
If global markets remain shaky and the dollar continues to fall, experts believe that gold could retest ₹1 lakh in the near future, especially with Indian wedding season demand peaking.
Gold prices are back on the rise, powered by:
-
Weaker US Dollar
-
Strong spot demand
-
US-China trade optimism
-
Political uncertainty in the US
Both gold and silver are attracting investor attention again after a brief dip. Stay updated with expert levels and use technical zones to plan your trades.
