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.
Also Read: Trump Signals Possible End to China Trade War, But Warns “Tariffs Won’t Be Zero”
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.
Also Read: No, FASTag Will Not Be Replaced by GPS Tolling on May 1: Government Clarifies
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.
Tags:
gold rate today, MCX gold price, silver price today, gold falls below ₹96000, US-China trade talks, Donald Trump Powell, global gold prices, spot gold, gold technical correction, Ajay Kedia, Kedia Advisory, bullion market news, investment trends India, gold silver ratio, MCX commodity update
Key figure behind 2017 FIFA U-17 World Cup in India passes away in Delhi March…
Board says it has no authority over Indian-owned franchises in foreign leagues March 13, 2026:…
Organisation says unauthorised use in films, reels and digital content may invite legal action March…
Petroleum Ministry says refineries running at full capacity, LPG concerns being addressed March 13, 2026:…
US President cites safety concerns amid rising tensions with Tehran March 13, 2026: U.S. President…
Congress MP says peace meetings should promote harmony, not threats March 13, 2026: Congress MP…
