Big Fall in Gold Rate in India Today, April 4: 24K/100g Gold Nosedives Rs. 17,400; Silver Drops Rs. 4,000

Gold prices in India took a dramatic turn today, falling by a massive Rs. 17,400 per 100 grams. This drop in the gold rate in India comes after nearly ten consecutive days of relentless price surges, where gold repeatedly broke past previous records and reached historic highs.

The sudden and significant drop is expected to bring much-needed relief to buyers and investors who were concerned about the continuously rising gold rates. Over the past week, bullion markets had been on fire due to U.S. tariff imposition, which gave a strong push to gold prices.

In the international market as well, spot gold had surged rapidly, fuelled by safe-haven buying and a weakening dollar. Market analysts believe today's correction in gold prices could be temporary, as long-term fundamentals for gold remain strong.

Gold Rate in India Today

The bigger weight variant of gold also saw the similar decline. 100 grams of 24-carat gold rates now retail at Rs 9,16,400, and the 22-carat gold rates per 100 grams now cost Rs 8,40,000.

Silver prices in India today

Silver rates in India today also experienced a big decline. On the 4th of April, 1 kg of silver in India cost Rs. 99,000, which fell by Rs. 4000 per kg. While 100g of silver rates in India retails at Rs. 9,900 after a drop of Rs. 400.

City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India

Here's a look at the latest gold prices for 22-carat and 24-carat gold in major Indian cities:

Gold Price in Bangalore

Big drop in gold prices in Bangalore can be seen today, as the 22-carat gold rate in Bangalore slipped Rs. 1600 per 10 grams to Rs. 84,000 per 10 grams, whereas the 24-carat gold rate in Bangalore is Rs. 91,640 per 10 grams.

MCX Gold and Silver Prices

Gold futures are declining on the MCX this morning at around 10 am on April 4th. Gold futures prices on the MCX, which are going to mature on June 5th, are trading at Rs. 89,636 with a decline of 0.47%. Similarly, silver futures prices set to mature on May 5th, 2025, are trading at Rs 92,899, which slipped by 1.59% on Friday.

Spot Gold Price and Spot Silver Rate

According to the latest Reuters report, "Spot gold was down 0.5% at $3,097.99 an ounce, as of 0305 GMT. U.S. gold futures eased 0.1% to $3,118.90. Spot silver declined 1% to $31.56 an ounce."

Gold Prices Target and Outlook This Week

"Gold retreated on Thursday, after notching its latest record, after President Donald Trump triggered tumult on global markets with sweeping "reciprocal" tariffs. While gold is typically seen as a safe haven in times of heightened uncertainty, it can also join pronounced selloffs as investors are forced to raise cash to offset losses in other markets. Bullion initially surged to a fresh all-time high of $3,167.84 an ounce in the wake of Trump's "reciprocal" tariff announcements at the White House, which placed baseline import levies of 10% on all nations, rising to as much as 49%. Still, gold prices closed Thursday down 0.6% as the magnitude of the duties and their potential negative impact on the global economy became apparent.

"On Thursday, markets endured one of the worst days for stocks since the height of the coronavirus pandemic, with about $2.5 trillion erased from the S&P 500 alone. While gold is typically seen as a safe haven in times of heightened uncertainty, it can also join pronounced selloffs as investors are forced to raise cash to offset losses in other markets. Despite the jolt caused by the levies, gold stands to benefit this year from an increasingly volatile trade, macroeconomic and geopolitical environment. The precious metal has surged around 20% this year after a ferocious run in 2024 that was largely driven by massive central bank purchases, robust demand in Asia, and Federal Reserve monetary easing." As per Nirmal Bang securities.

"The brokerage also advised that gold prices are expected to correct. Traders can consider selling at ₹90,000 with a stop-loss at Rs. 90,500, targeting levels of Rs.89,300 to Rs. 88,700."

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.