Gold prices in India have declined for the fourth straight session as international market volatility, triggered by the escalating U.S. tariff war, weighs heavily on investor sentiment. Contrary to the usual safe-haven trend during times of economic uncertainty, gold prices have continued their downward slide, even amid rising fears of a global recession.
According to reports, gold prices in India have fallen sharply by ₹3,650 in just four trading sessions, marking a 4% drop. On Tuesday, April 8, 24-carat gold was priced at ₹89,730 per 10 grams—dropping ₹650 in a day—while 22-carat gold slipped by ₹600 to ₹82,250. The 18-carat gold rate also fell by ₹490, retailing at ₹67,300 per 10 grams.
Gold Rates Across Indian Cities Mirror National Trend
Major cities like Chennai, Bangalore, Hyderabad, and Mumbai are witnessing identical rates, with 24-carat gold priced at ₹89,730 per 10 grams and 22-carat gold at ₹82,250 per 10 grams.
For 100 grams, 24-carat gold is retailing at ₹8,97,300, while 22-carat gold costs ₹8,22,500.
Silver, on the other hand, has shown resilience. The silver price in India today remains unchanged at ₹94,000 per kilogram for the third consecutive session. For 100 grams, silver is priced at ₹9,400.
MCX Gold and Silver Outlook: Support and Resistance Levels
According to the ICICI Direct Daily Commodities Outlook, MCX gold futures for June are likely to find support at ₹86,200. A rebound could push prices towards ₹88,500. Currently, gold futures are trading at ₹87,601, up by 0.77%.
Silver futures for May are expected to find support near ₹86,800, with a potential rise to ₹90,500 if that level holds. As of now, silver futures are trading at ₹89,170, up by 1.04%.
Global Gold Market: Spot Prices and Market Reactions
Spot gold fell over 1% on Monday, settling at $2,996.6 per ounce early Tuesday, showing a minor recovery of 0.5%. U.S. gold futures gained 1.3% to reach $3,010.70 per ounce.
Meanwhile, spot silver slightly edged down by 0.1% to $30.09 per ounce. Platinum rose by 1.3%, trading at $925.35 per ounce.
Why Is Gold Falling Despite Global Recession Fears?
Traditionally seen as a safe-haven asset, gold is behaving unpredictably in the face of rising global recession risks. In just the last two trading sessions, gold has plummeted more than 4%, including a 3% fall on Friday, April 4. On April 7, spot gold dropped another 0.3%, hitting a three-week low at $3,027.90 per ounce.
Analysts suggest that institutional investors might be selling gold to raise cash or cover margin calls amid massive losses across global equity markets. Over $6 trillion was wiped out globally last week, with Japan’s Nikkei tumbling by nearly 9% on April 7.
“Demand destruction and recession risk now take centre stage,” said JPMorgan Chase analysts, noting that metals-related tariffs might be marginally beneficial but are not enough to support prices amid panic.
Market strategist Yeap Jun Rong of IG added, “There’s a lot of confusion and uncertainties in the markets… safe-haven flows are offering some cushion amid the market volatility.” He also noted that short-term profit-taking could be one reason for the current weakness in gold prices.
U.S.-China Trade War Escalates Economic Concerns
The market turmoil follows U.S. President Donald Trump’s surprise hike in tariffs, prompting a 34% counter-tariff from China. In addition, China has imposed export restrictions on rare earth metals, further escalating trade tensions and dampening global investor sentiment.
Despite the traditionally bullish environment for gold during geopolitical unrest, the current market trend shows declining gold prices, leaving many investors confused and cautious.
As the global economic scenario becomes more uncertain, gold’s unusual fall in India and international markets highlights a shift in investor behavior. While silver remains firm, the bullion market as a whole is being watched closely by analysts and investors alike for signs of stabilization or further correction.
Tags: gold prices April 8, India gold rate drop, silver rate India today, MCX gold silver forecast, spot gold prices, U.S. China tariff war, recession impact on gold, gold investment 2025, bullion market news
