1 week Ago By Moneycontrol
Gold prices dropped on April 28, as easing trade tensions between US and China dented the safe-haven appeal of the yellow metal. Gold's June contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 95,000 per 10 gram on April 28. Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country: Also read: Gold sinks over 1% as easing US-China tensions curb safe-haven demand "The recent downside was triggered by growing expectations of a possible trade thaw between the US and China.
Notably, China signaled a softer stance by reducing the 145% tariff on select US products, hinting at potential willingness to engage in negotiations. This shift in tone has reduced the safe-haven premium on gold," said Jateen Trivedi from LKP Securities. "If trade discussions progress further, gold could remain under pressure, especially if $3,300 support in Comex is breached.
The metal may witness further unwinding of long positions in the near term, with volatility driven by fresh headlines around tariff policy," he added. Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions .
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