Gold Investment Opportunity Emerges Amid Price Dip
Gold prices, which surged past the ₹1 lakh mark earlier this week, have now witnessed a significant decline, influenced by weak demand in the domestic spot market and negative global trends.
According to the India Bullion and Jewellers Association, the price of 24-carat gold stood at ₹95,669 on Friday morning. In Kolkata’s spot market, data from the West Bengal Bullion Merchants and Jewellers Association showed that gold prices dropped by ₹700 on Friday, settling at ₹95,800 compared to ₹96,500 on Thursday.
On the Multi Commodity Exchange (MCX), gold futures also saw a downward trend. For June contracts, the price of 10 grams of gold fell by ₹669, trading at ₹95,243. Analysts cited weakness in the international gold market and declining spot demand as the primary reasons for this price correction. In the New York market, gold futures declined by 1.15 percent, reaching $3,310.98 per ounce.
Gold prices have shown significant fluctuations throughout the week. On April 21, gold was priced at ₹96,587, followed by ₹99,100 on April 22, ₹95,784 on April 23, ₹96,075 on April 24, and ₹95,699 on April 25. On Tuesday, as gold neared the ₹1 lakh mark, many investors reportedly engaged in profit booking.
Silver, meanwhile, remained relatively stable. Despite a minor decline on Thursday, silver was priced at ₹1,00,900 per kilogram in Mumbai on Friday, maintaining its position above the ₹1 lakh level.
The recent rally in gold prices was driven by global economic uncertainty and fears of a recession in the United States. Analysts had anticipated that once gold reached the ₹1 lakh threshold, profit booking would follow.
Despite the current dip, the overall outlook for gold in 2025 remains optimistic. Analysts suggest that the current correction could serve as a good entry point for investors. In India, gold prices are primarily influenced by global market rates, import duties, local taxes, and currency exchange fluctuations.