5 hours ago
Gold prices eased slightly on Akshaya Tritiya day (April 30), as global market cues and a stronger US dollar weighed on rates despite festive demand in India.
In India, 24-karat gold is priced at ₹97,910 per 10 grams, while 22-karat gold stood at ₹89,750 per 10 grams, according to GoodReturns data.
Globally, spot gold slipped 0.2% to $3,308.32 an ounce, while US gold futures fell 0.5% to $3,317.50 an ounce, pressured by a stronger US dollar and signs of easing trade tensions between the United States and key partners.
“Gold traded weak as profit booking set in. Optimism around US trade deals with countries like India and Japan has trimmed safe-haven demand,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
The US dollar index edged up 0.1%, making gold more expensive for buyers holding other currencies. A minor rebound in dollar strength caused some retracement in bullion prices, noted Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery.
Adding to the pressure, US President Joe Biden’s administration (following Trump's trade framework) announced relief measures around auto tariffs, including a partial rollback on levies and incentives for certain materials. China also waived a steep tariff on US ethane imports, softening geopolitical tension.
Despite the pullback, gold has had a strong run. Prices had surged to an all-time high of $3,500.05/oz on April 22, driven by macroeconomic uncertainty.
In India, prices had neared the ₹1 lakh mark earlier this month.
“Gold prices have posted a sharp rally in recent months. A cool-off is natural, especially with some clarity emerging on global trade,” said Manav Modi, Senior Analyst – Commodity Research at Motilal Oswal.
Analysts now turn to key US macroeconomic data, including the Personal Consumption Expenditures (PCE) index and non-farm payrolls, to gauge the Federal Reserve’s next move on interest rates.
“If inflation data surprises on the upside, it could dim hopes of Fed rate cuts and weigh further on gold,” noted Kyle Rodda, Financial Market Analyst at Capital.com.
Market expectations currently price in around 97 basis points of Fed rate cuts by the end of 2025, keeping gold’s medium-term trajectory sensitive to economic indicators.
Investment outlook
While short-term volatility is expected, many analysts remain bullish on gold over the long term.
A recent SmartWealth.ai report projects gold prices could rise 3–7% by Akshaya Tritiya 2026, with potential swings between a 7% fall and a 20% gain by FY26, depending on geopolitical developments.
Motilal Oswal maintains a “buy on dips” strategy with a long-term target of ₹1,06,000 per 10 grams, identifying key support at ₹90,000–91,000 per 10 grams and resistance near ₹99,000 per 10 grams.
-With Reuters inputs
