New Delhi: Gold prices witnessed a sharp decline on April 2, slipping below the Rs 1.50 lakh mark amid volatility in both equity and commodity markets.
At around 11:03 am, gold futures for June on the Multi Commodity Exchange (MCX) were trading at Rs 1,50,300 per 10 grams, down by Rs 3,408. Earlier in the session, prices had dropped to a low of Rs 1,50,005, after touching a high of Rs 1,52,490.
Across major cities, gold prices also reflected the downward trend. Raipur recorded the lowest rate at Rs 1,48,380 per 10 grams, while Kanpur and Lucknow saw the highest prices at Rs 1,49,650.
Gold Prices (Per 10 Grams):
- Patna: Rs 1,49,530
- Jaipur: Rs 1,49,590
- Kanpur: Rs 1,49,650
- Lucknow: Rs 1,49,650
- Bhopal: Rs 1,48,600
- Indore: Rs 1,48,600
- Chandigarh: Rs 1,48,440
- Raipur: Rs 1,48,380
Market analysts attributed the fall to heavy selling pressure and uncertainty in global markets. Despite equities trading in the red, which typically supports gold as a safe-haven asset, both stock and commodity markets have been moving unpredictably in recent sessions.
Ongoing geopolitical tensions, particularly in the Middle East, have added to investor nervousness, leading to simultaneous fluctuations across asset classes.
Ajay Kedia, director of Kedia Advisory, said that while gold may see further corrections, it is unlikely to fall below Rs 1 lakh per 10 grams in the near term.
“Even if there is a significant decline, prices are expected to remain above Rs 1 lakh,” he said.
