China has also come into action after the US President Donald Trump’s reciperook tariff is imposed. Like America, China has also imposed an extra tariff of 34 percent on the US. After which there has been a tremendous decline in the prices of gold and silver. In India’s futures market, gold prices have seen a decline of 2.20 percent. On the other hand, there has been a big fall of 7.61 percent in silver prices. The special thing is that the price of one kilo of silver has been reduced by 10 grams of gold prices. Which was rarely seen before. Some similar situations have been seen in foreign markets. The prices of Gold Spot and Gold Future have seen a decline of two and a half percent. On the other hand, silver prices crashed more than 8 percent.
Now the biggest question is whether the prices of gold and silver will continue to decline in this way or will continue. According to experts, in the first quarter of the calendar year, the price of gold was increased by 19 percent. In such a situation, there has been a decrease in retail demand. On the other hand, due to tremendous prices in gold prices, investors have come into the mood for selling. On the other hand, in the coming days, there is a possibility of reduction in gold prices due to reduced political tension and uncertainty. Let us also tell you how much gold prices have declined in the month of April and in the coming days, at which level the gold can reach.
Heavy fall in gold and silver prices
After the announcement of China’s 34 percent tariff against the US, there was a huge decline in gold prices on the multi -commodity exchange. On April 4, gold prices fell by Rs 2.20 per cent, or Rs 1,982, to Rs 88,075 per ten grams. Whereas on a day before i.e. on April 3, the prices of gold were at Rs 90,057 per ten grams. If we talk about April, then the price of gold has seen a decline of Rs 2,642 per ten grams. This means that gold prices have reduced by about 3 percent.
On the other hand, there has been a lot of decline in silver prices on MCX. If we look at the data, the price of silver has seen a decline of Rs 7.61 per cent i.e. Rs 7,188 on Friday and prices have come to Rs 87,211 per kg. A day before i.e. on April 3, silver prices were at Rs 94,399. At the same time, in the month of April, there has been a 13 percent decline in silver prices. This means that silver has become cheaper by Rs 13,246 per kg in these four days.
Outcry in global market too
On the other hand, in the global market, there is an outcry in the prices of gold. Looking at the data, the price of gold future in New York’s comex market has fallen by $ 86.30 per onon to $ 3,035.40 per on. On the other hand, the prices of gold spots have come down to $ 3,038.24 per onon, $ 77.10 per on $ 2.47 per cent. While the price of silver future has come down by $ 8.57 per cent, $ 2.74 per onon to $ 29.23 per on. On the other hand, the price of silver spot has come down to $ 7.13 per cent, or $ 2.27 per onon to $ 29.59 per on. According to commodity market experts, gold prices are likely to fall further due to relatively low of Jio Political Tension. Due to decrease in global uncertainty, demand is expected to decrease in demand of safe havan assets like gold.
Is gold prices getting profitable?
Jatin Trivedi, Vice President of Commodity and Currency Research in LKP Securities, highlighted in the Me Dia report that after the announcement of additional tariffs by China on Friday, gold prices are getting profitable, as the markets are preparing themselves for trade war for the last few months. Trivedi said that after the official announcement of tariff pricing, gold prices saw profits. This step has been taken at a time when the market had already evaluated the impact of reciperook tariffs in the last few months, which led to a natural result.
He said that with the mainly exemption in tariff premiums, the pressure of further decline may emerge, as Jio political tension remains relatively low, especially from Russia-Ukraine and Middle East. This deficiency in global uncertainty can bring soft -handed demand to soften the demand. Commodity expert said that on the technical front, the price of Comex Gold is facing strong resistance in an area of 3,120 to 3,130, while immediate support is around 3,050 to 3,055 $ 3,055. The decline below this can increase sales pressure in the near future.
Will domestic gold prices fall?
SS Wealthystrat founder Sugandha Sachdeva media report said that the rise in gold prices is facing global challenges due to the ongoing trade war between other countries including the current US and China. Sachdeva said that the recent speed of gold has faced challenges, despite the obstacles going on in global trade, sales pressure is emerging. The decision by President Trump to keep gold and silver out of the tariff has reduced the concerns of the supply side.
Commodity expert estimates that “along with this, retail demand has been softened after a huge rise in prices in the last quarter. International markets indicate a resistance level of $ 3,120 an ounce and an inability to maintain gold prices above Rs 88,800 per 10 grams in domestic markets, indicate a possible decline, domestic prices probably 87,000 rupees or in the beginning of Rs 87,000 in the beginning of Rs 87,000 in the beginning of Rs 87,000. Can fall to a level of per kilogram.