Gold prices dropped today due to decreased safe-haven demand resulting from improving US-China trade relations. Spot gold fell by 0.4% to $3,234.32 per ounce, with US gold futures also declining by 0.3% to $3,237 per ounce. Kyle Rodda, an analyst at Capital.com, noted that positive US trade policy changes are making gold less attractive in the short term.
Rodda highlighted $3,200 as a crucial support level for gold, with sentiment shifting due to the US tariff reduction on low-value Chinese imports and President Trump’s decision against reinstating high tariffs, signaling advances in trade talks.
In India, gold prices defy global trends with 24K at ₹9,661/g, 22K at ₹8,856/g, and 18K at ₹7,246/g. Jateen Trivedi from LKP Securities notes reduced safe-haven demand due to mutual tariff rollbacks but sees a strong support at ₹93,000/10g, with ₹95,000/10g as the next resistance.
Despite recent price dips, Vaibhav Porwal, Co-Founder of Dezerv, is optimistic about gold’s investment potential as it has doubled in the last five years and serves as a hedge against currency volatility and geopolitical risks, driven by global tensions, US recession fears, and a weakening Dollar.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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