Gold prices on the Multi Commodity Exchange (MCX) have taken a notable dip, falling below the ₹96,000 mark per 10 grams.
As of 3:06 PM IST, the June 2025 gold futures contract was trading at ₹96,050, down ₹1,290 or 1.33% from the previous close.
Silver mirrored gold’s downward trend, with prices declining by 0.5% on the MCX. This movement aligns with global market cues, where gold prices have retreated nearly 2% to $3,318.71 an ounce.
The decline follows U.S. President Donald Trump’s decision to retract his threat to dismiss Federal Reserve Chair Jerome Powell and his optimistic stance on reaching a trade agreement with China.
Analysts attribute the drop in gold prices to a decrease in demand for the metal as a safe-haven asset amid signs of easing political and economic tensions.
Despite this short-term dip, gold had recently surged to a record high of $3,500 per ounce. JP Morgan anticipates it could exceed $4,000 next year, driven by heightened recession risks and strong investor demand.
In the silver market, spot prices rose 0.4% to $32.64 an ounce, while platinum dipped 0.1% to $957.90, and palladium declined 0.5% to $931.51.
Investors are advised to stay informed on global economic developments and central bank policies, as these factors continue to influence precious metal markets.
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