Gold rate today: MCX gold price falls below ₹96,000 per 10 grams, silver price down 0.5%

Gold price on Multi Commodity Exchange of India (MCX) fell on Wednesday, tracking weakness in international bullion prices, amid denting safe-haven appeal on hopes of easing US-China trade tensions.

MCX gold rate for June contract opened lower by ₹840 or 0.86% at ₹96,500 per 10 grams as against previous close of ₹97,350. The yellow metal dropped by ₹1,883 to hit an intraday low of ₹95,457 per 10 grams. 

At 9:05 AM, MCX gold price was trading lower by ₹1,358, or 1.40% at ₹95,982.00 per 10 grams. MCX Silver rate was down 0.47% at ₹96,803 per kg. 

On Tuesday, the MCX Gold rate for June contract hit a fresh record high of ₹99,358 per 10 grams. However, easing trade war tensions triggered profit booking, dragging the yellow metal down by ₹3,900 to ₹95,457 per 10 grams in intraday trade on Wednesday.

In the international market, gold prices declined as US President Donald Trump retracted his threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with China, Reuters reported.

Spot gold prices fell 0.7% to $3,357.11 an ounce, while US gold futures dropped 1.5% to $3,366.80.

Gold prices retreated from record highs, weighed down by a rebound in the US dollar and gains in the US stock market. These factors reduced the safe-haven appeal of the yellow metal.

Trump expressed optimism about a potential trade agreement with China, suggesting that such a deal could “substantially” lower tariffs on Chinese goods. He hinted that the final agreement would likely involve tariff levels significantly lower than those currently in place.

Meanwhile, US Treasury Secretary Scott Bessent indicated that while he expects a de-escalation in US-China trade tensions, formal negotiations with Beijing have yet to commence and are expected to be a prolonged process, Reuters reported.

“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.

Technicals

Kedia also noted that the Gold-Silver ratio, Gold-Platinum ratio, Gold-Crude oil ratio and the Gold-Copper ratio have peaked and showing early signs of reversal.

“These stretched ratios suggest that gold’s outperformance may not sustain without correction, and industrial commodities may be poised for a rebound. Technically, such overbought conditions have often preceded a sectoral rotation or a pause in the bullish gold trend. Volatility remains high and gold has already rejected the upper resistance levels in the international market and in domestic markets. Thus, the view remains cautious in gold prices,” Kedia said.

According to him, MCX gold rate may find support around ₹93,600 level, while resistance is seen at ₹96,940 level. Support for MCX silver price is placed at ₹93,850 and resistance at ₹96,700 level.

(With inputs from Reuters)

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