MCX Gold Below ₹95,000! Top Analysts Predict Where Prices Are Heading Next

Gold Prices Drop Today on Easing Trade War Fears and Dollar’s Rise: Expert Insights on MCX Levels

Gold prices fell sharply today (April 28) in the domestic futures market as global trade tensions cooled and the US Dollar gained strength. Early in the morning, MCX Gold for June 5 delivery traded 0.18% lower at ₹94,818 per 10 grams around 9:05 AM.

Internationally, gold also declined by over 1% as the hope for improved US-China trade ties reduced the need for safe-haven assets like gold.

Let’s break down what’s happening and what it means for you.

Why Are Gold Prices Falling Today?

US-China Trade Talks Calm Investor Nerves

Reports suggest that US President Donald Trump claimed discussions with China were moving towards a better trade deal. However, Trump made it clear he would not ease tariffs without major concessions from China.

While there is no official confirmation of active negotiations, even small signs of dialogue are enough to calm markets and push investors away from gold, which is typically considered a “safe haven” during uncertain times.

Stronger Dollar Hurts Gold

The US Dollar Index climbed 0.3% today, making gold more expensive for foreign buyers. A stronger dollar usually puts pressure on gold prices because it reduces global demand for the metal.

Key Global Events to Watch This Week

Apart from trade war developments, investors are keeping a close eye on key US economic reports:

• Tuesday: US Job Openings (JOLTS) report

• Wednesday: Personal Consumption Expenditures (PCE) report

• Friday: US Non-Farm Payrolls (Jobs data)

These events could influence the US Federal Reserve’s interest rate decisions — and thus impact gold prices further.

MCX Gold and Silver: Expert Price Predictions

Manoj Kumar Jain’s View (Prithvifinmart Commodity Research)

Manoj Kumar Jain expects high volatility in gold and silver prices this week due to the dollar index fluctuations and important US data releases.

• Gold Support Levels: $3,300–3,274 per troy ounce

• Gold Resistance Levels: $3,358–3,380 per troy ounce

For silver:

• Silver Support: $32.66–32.30 per troy ounce

• Silver Resistance: $33.30–33.70 per troy ounce

MCX India-specific levels:

• MCX Gold Support: ₹94,400–₹93,660

• MCX Gold Resistance: ₹95,500–₹96,040

• MCX Silver Support: ₹95,800–₹95,150

• MCX Silver Resistance: ₹97,000–₹97,750

Jain’s Strategy Tip:
Sell gold if prices rise around ₹96,200 with a stop-loss at ₹96,850 and a target of ₹94,400.

Rahul Kalantri’s View (Mehta Equities)

Rahul Kalantri also shared similar insights:

• Gold Support: $3,265–3,240 per troy ounce

• Gold Resistance: $3,325–3,355 per troy ounce

• Silver Support: $32.65–32.40 per troy ounce

• Silver Resistance: $33.25–33.50 per troy ounce

In Indian Rupees:

• Gold Support: ₹94,250–₹93,580

• Gold Resistance: ₹95,450–₹94,490

• Silver Support: ₹95,380–₹94,550

• Silver Resistance: ₹97,150–₹97,950

Should You Buy Gold Now or Wait?

With prices slipping just before Akshaya Tritiya on April 30, many Indian buyers might see this as a golden opportunity to invest.

However, experts suggest that volatility will continue, and it’s important to watch the ₹94,400 support level carefully. If prices fall below this, further declines may happen. On the flip side, if gold holds above ₹94,400 and bounces, it could offer a good short-term buying opportunity.

• Short-term traders: Watch ₹94,400 for entry points.

• Long-term investors: Dips ahead of Akshaya Tritiya could be a blessing.

• Risk takers: Selling on small rallies could work this week.

Gold prices have cooled off from their record highs as easing US-China tensions and a stronger dollar weigh on demand. Experts predict more volatility ahead, especially with key US economic reports around the corner.

Whether you are a trader or a long-term investor, keeping an eye on the key levels highlighted by analysts like Manoj Jain and Rahul Kalantri can help you make smarter decisions in these uncertain times.