MCX Gold Price Down at ₹96,000; Silver Tumbles 0.5%

The price of gold on Multi Commodity Exchange of India (MCX) fell on Wednesday, April 23, on the hopes of easing trade tensions between US and China.

MCX gold rate for June contracted by ₹840 or 0.86% at ₹96,500 per 10 grams against previous day’s closing of ₹97,350. The price of the yellow metal dropped to an intraday low of ₹95,457 per 10 grams.

As of 9:05 am, MCX gold price traded lower by ₹1,358, or 1.40% at ₹95,982.00 per 10 grams, while the price of silver in MCX came at ₹96,803 per Kg, down 0.47%.

Gold prices in the international market fell after U.S. President Donald Trump withdrew his threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism about reaching a trade agreement with China, according to Reuters.

Gold prices tumbled from their record highs on the back of appreciation in the US dollar and gains in the Wall Street.

Trump also expressed optimism regarding a potential trade agreement with China, indicating that such a deal could “substantially” lower tariffs on Chinese goods. He hinted that a final agreement would look forward to lowering tariffs.

“Gold prices have witnessed the biggest fall in recent weeks amid easing trade tensions and improving global risk-appetite. Technically, all the indicators also show that the gold prices are in overbought territory. Thus, we may expect a reversal in the yellow metal prices,” said Ajay Kedia, Director, Kedia Advisory.