Gold Price Today: Yellow metal slumps by ₹5,000 from record-high to ₹94,814 per 10 gram; How to trade on MCX?

Gold Price Today: The yellow metal reversed gains on Wednesday, April 23, after hitting back-to-back record highs, amid denting safe-haven appeal on hopes of easing US-China trade tensions. The yellow metal had previously extended its rally driven by the bullion's safe-haven appeal amid global uncertainty over the trade war tensions between the US and China.

Back home, gold futures last traded 2.6 per cent lower at ₹94,814 per 10 gram on the multi-commodity exchange (MCX) at the time of writing. MCX gold futures swung between ₹94,000 and ₹96,500 in the session, against a previous close of ₹97,340. The June 5 gold futures contract hit its fresh record high of ₹99,358 per 10 grams on the futures exchange yesterday.

MCX Gold Futures Today

The MCX gold rate for the June contract opened lower by ₹840 or 0.86 per cent at ₹96,500 per 10 grams compared to a previous close of ₹97,350, tracking weakness in the international bullion price. Easing trade war tensions on a softer US stance triggered profit booking, dragging the yellow metal down by ₹3,900 to ₹95,457 per 10 grams in intraday trade earlier today.
 

Gold in international markets

Gold prices extended their retreat from an all-time high, falling more than three per cent, as appetite for riskier assets improved after US President Donald Trump said he has no plans to fire the US Federal Reserve Chairman Jerome Powell and signalled progress with China on the tariff front.

Spot gold slipped 3.2 per cent to $3,274.35 an ounce, after hitting a record high of $3,500.05 in the previous session. US gold futures dropped 3.9 per cent to $3,286.30. Silver was up 2.8 per cent at $33.42 an ounce, platinum gained about 1.3 per cent to $971.02, and palladium rose 0.7 per cent to $942.76.

Sentiment in broader financial markets improved, and the US dollar index rebounded after Trump backed off from threats to fire US Fed Chair Powell after days of intensifying criticism of the central bank chief for not cutting interest rates.

US Treasury Secretary Scott Bessent said that he believes excessively high tariffs between the US and China must come down before the trade negotiations proceed. Gold, used as a safe store of value during political and financial uncertainty phases, has gained over 26 per cent since the start of 2025, boosted by central bank buying, tariff war fears and strong investment demand.

Gold retreats from record-highs: How to place bets on MCX gold?

Earlier today, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices witnessed sharp weakness, declining by ₹1,500 to settle at ₹95,800 on MCX, after hitting an intraday low of ₹94,950. This marks a steep sell-off of nearly ₹2,500 since April 3, signalling a possible short-term reversal from recent peak highs.

Experts say April remains highly volatile, with technical charts showing early signs of trend exhaustion. A rebound in the US dollar index from 98.4 and comments from Donald Trump hinting at potential tariff resolutions with India, Japan, and China have weighed on gold’s safe-haven premium.

As tariff concerns ease, gold is seeing some premium unwinding. Looking ahead, gold is expected to trade in a broad range between ₹94,000 and ₹98,000, with elevated volatility likely to persist. Traders are advised to maintain strict risk management, especially in overstretched market conditions," said Trivedi.

According to Rahul Kalantri, VP Commodities, Mehta Equities Ltd, “Gold surged near the $3,500 per troy ounce mark during early trade, reflecting strong bullish momentum. However, the rally was short-lived. Remarks from the US President — reassuring markets that the administration is “doing fine with China”— triggered a wave of profit booking.”

"Following his comments, gold prices corrected sharply, falling over $100 per ounce from the session’s highs. The US equity markets staged a strong rebound, and the dollar index recovered from three-year lows, further pressuring gold. Silver, meanwhile, found support from gains in industrial metals, which helped cushion its decline," said Kalantri.

"Gold will likely remain under pressure, extending the recent weakness. Gold has support at $3348-3320, while resistance is at $3405-3430. Silver has support at $32.55-32.30 while resistance is at $33.10-33.40. In INR, gold has support at ₹96,650-95,880 while resistance is at ₹97,650-97,990. Silver has support at ₹94,680-94,150 while resistance is at ₹96,450-97,250."

Way2Wealth Brokers (part of Shriram Group) said, “MCX gold has been on a strong technical run, with all key indicators remaining bullish. In yesterday’s trading session, a bullish Marubozu candlestick pattern formed, indicating a likely continuation of bullish momentum.”

“However, the current setup does not offer a favourable risk-reward ratio for Bullish Trades. Support is now placed at ₹94,850 and ₹93,750, and resistance at ₹97,000/ ₹97,500,” said the domestic brokerage.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.