Gold Price Today: After several days of disappointment for gold buyers and investors, today has brought a sigh of relief. Gold prices in India saw a sharp bounce-back on April 29, ending the streak of five consecutive days of decline. This sudden upward movement has sparked fresh curiosity: is this the start of another golden rally, or just a temporary pause before another fall?
Gold Rebounds After a Steep Fall
In recent weeks, gold prices have been on a rollercoaster ride. Not too long ago, gold touched a historic high of over ₹1 lakh per 10 grams. However, that excitement was short-lived. Within just one day, the price tumbled by a massive ₹3,000, bringing it below the ₹1 lakh mark. Since that steep fall, the yellow metal has been showing signs of weakness until today.
According to data from Good Returns, the price of 24-carat gold has jumped to ₹97,970 per 10 grams, up from ₹97,530 in the previous session, a rise of ₹440 in a single day. This sudden surge has reignited optimism among investors and buyers. On the other hand, silver prices have remained largely unchanged, with 1 kilogram of silver currently priced at ₹1,00,500.
What’s Driving the Volatility in Gold Prices?
The future of gold depends heavily on what unfolds on the global stage. One of the key influencers is the ongoing tension between the global economic giant, the United States and China. At one point, former U.S. President Donald Trump hinted at easing tariffs, but China didn’t show much interest in resuming talks. Since then, both sides have maintained a cautious silence.
If tensions between the U.S. and China escalate again, gold could once again turn into a “rocket,” climbing rapidly as investors seek safety in the precious metal. However, if calm prevails and trade relations improve, experts predict gold could soften further, possibly reaching as low as ₹75,000 per 10 grams within the next six months.
Expert Predictions: Boom or Correction?
Commodity experts and analysts are closely watching the signals. According to Ed Yardeni, President of Yardeni Research, a U.S.-based financial research firm, several global factors have been driving gold’s recent rise. These include economic instability across nations, rising trade friction between the U.S. and China, and a weakening U.S. dollar.
If these trends continue, he warns, we could see gold prices soar to $4,000 per ounce by the end of this year, and possibly even $5,000 per ounce by 2026. In Indian terms, that would push gold prices to a staggering ₹1,53,000 per 10 grams—a scenario that would reshape the precious metals market entirely.
How Are Gold Prices Calculated in India
It’s also important to understand that gold prices in India are not purely determined by local demand and supply. International events play a significant role. Prices are heavily influenced by trading activity in key global markets like the London OTC Spot Market and the COMEX Gold Futures Market.
The London Bullion Market Association (LBMA) is the official global authority that publishes gold prices in U.S. dollars, acting as a benchmark for banks and bullion traders worldwide. In India, the Indian Bullion Jewellers Association (IBJA) adapts this international price to reflect import duties, taxes, and other charges to determine the rate at which retail jewellers can procure gold.
So, the price you see in your city or jewellery store is a complex blend of global economics, taxes, and market sentiment.
The Road Ahead for Gold
As we look ahead, gold continues to be a haven in uncertain times. Whether you’re an investor hoping for a rally or a buyer waiting for a dip, the golden journey promises to remain full of surprises.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Gold prices are subject to market risks and can fluctuate based on various national and international factors.
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