Gold Prices Drop Below ₹96,000 on MCX Amid Easing Global Tensions; Silver Also Slips
bGold Rate Today: MCX Gold Falls Below ₹96,000, Silver Also Slips as Safe-Haven Demand Weakens
Gold prices on the Multi Commodity Exchange (MCX) plunged on Wednesday, mirroring global trends as easing geopolitical concerns and a stronger US dollar dented the yellow metal’s appeal as a safe-haven asset.
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The June gold futures contract opened at ₹96,500 per 10 grams, down ₹840 or 0.86% from the previous close of ₹97,350. Prices fell sharply during the session, hitting an intraday low of ₹95,457—marking a drop of ₹1,883. By 9:05 AM, gold was trading at ₹95,982 per 10 grams, down 1.40% or ₹1,358.
Silver futures also slipped, down 0.47% at ₹96,803 per kilogram.
Internationally, spot gold fell 0.7% to $3,357.11 an ounce, while US gold futures dropped 1.5% to $3,366.80, pressured by improved risk sentiment. President Donald Trump’s positive tone regarding a potential US-China trade agreement and his retreat from threats to sack Federal Reserve Chair Jerome Powell boosted global market confidence.
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Trump suggested a forthcoming deal could significantly reduce tariffs on Chinese imports, further easing tensions between the two economic giants. US Treasury Secretary Scott Bessent added that while formal trade talks have not begun, he expects a de-escalation over time.
These developments, coupled with a rebound in the US stock market and a stronger dollar, reduced the urgency for investors to seek refuge in gold.
Ajay Kedia, Director of Kedia Advisory, noted that gold has entered overbought territory and could be due for a technical correction. “Several indicators, including the Gold-Silver, Gold-Platinum, Gold-Copper, and Gold-Crude oil ratios, have peaked, signaling early signs of a reversal,” he said.
Kedia projected MCX gold could find support around ₹93,600 and face resistance near ₹96,940. For silver, the support and resistance levels are placed at ₹93,850 and ₹96,700, respectively.
He also cautioned that high volatility remains and that both global and domestic markets have recently rejected upper resistance levels, reinforcing a cautious outlook.
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