Gold Prices In India Outlook: MCX Gold Seen Volatile From April 28 - May 1; Impact On 22K, 24K, 18K Gold Rates

Gold Prices In India Outlook: After witnessing remarkable surge with 24K gold price touching more than Rs 1,00,000 mark in 10 grams, yellow metal prices have witnessed pullback in the past few days due to profit booking and positive developments in US-China trade relations. Going ahead, in the trading week from April 28th to May 2nd, MCX gold prices are expected to range between Rs 90,000 to Rs 98,000, while silver prices are likely to perform in the range of Rs 92,000 to Rs 1,00,000. Hence, gold is expected to see volatility.

"Gold extended its remarkable rally to touch a record high of $3,504. However, a combination of profit-taking and positive developments in U.S.- China trade relations triggered a sharp correction. In contrast, silver continued its upward momentum for the third straight week, signaling underlying strength. Going forward, gold and silver are expected to trade in the ranges of Rs 90,000- Rs 98,000 and Rs 92,000-Rs 1,00,000 respectively," said analysts at SMC Global Securities in a note.

Gold Prices In India:

Gold prices in India is currently at Rs 98,200 in 24K of 10 grams, followed by Rs 90,010 per 10 grams in 22K and Rs 73,650 per 10 grams in 18K. The price of cheapest gold in India is at Rs 9,820 per gram for 24 karat gold, at Rs 9,001 per gram for 22 karat gold and at Rs 7,365 per gram for 18 karat gold (also called 999 gold).

MCX Gold, Silver Prices:

Last week, on April 25th, MCX gold price stood at Rs 96,239 per 10 grams, while MCX silver price finished at Rs 96,198 per 1kg. Both the commodities have corrected significantly from their all-time highs of Rs 99,358 per 10 grams and Rs 1,04,072 per 1kg respectively.

Gold Prices Weekly Outlook:

The analysts at SMC highlighted that Gold prices opened the week with a gap-up but soon declined, though still closed with a weekly gain of 0.5%. Persistent scepticism over a US-China trade deal continued to support gold's safe-haven appeal. President Trump reaffirmed that talks with China are on-going, countering Beijing's claims of no discussions. U.S. Treasury Secretary Bessent emphasized that tariffs must be reduced for negotiations to progress, but Trump is unlikely to cut tariffs unilaterally. Earlier in the week, gold hit a record high of $3,500 on growing U.S. economic concerns but pulled back after Trump softened his stance on the Fed's independence.

As per the analysts' note, gold is now up over 30% year-to-date, with the gold-to-silver ratio hitting its highest since 1994 (excluding the pandemic), underscoring bullion's outperformance. Partial rollback of tariffs on select Chinese imports and Beijing's move to identify U.S. goods for exemption from its 125% tariffs suggest a possible de-escalation, putting mild downward pressure on safe-haven assets. A Chinese commerce ministry spokesperson said the resolution would require the U.S. to lift all unilateral tariffs. Gold, which benefits from global instability and low interest rates, has surged over $700 this year.

That being said, the analysts believe traders currently see around 84 basis points worth of rate cuts by 2025-end.

Looking ahead, SMC's analysts note said, "On Comex, it failed to hold above $3,500 and fell below $3,350. If prices drop below $3,280, further downside to $3,110/$3,060 is possible, while resistance lies at $3,460. Silver is expected to trade between $30.00-$34.80 on COMEX. Geopolitical tensions also remain in focus as Trump rebuked Russia over a major attack on Kyiv. In the domestic market, gold is likely to trade between Rs 94,000-Rs 96,800 levels, and silver between Rs 94,600-Rs 99,000 levels in the coming week."

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.