Gold price in India continue their downward correction on Friday, following the pullback in Comex Gold from all-time highs. Traders are taking profits after the recent record-breaking rally driven by US President Donald Trump’s trade policies. Additionally, investors brace for the upcoming US Nonfarm Payrolls (NFP) report and Federal Reserve Chair Jerome Powell’s speech, which could influence market sentiment.
At the time of writing, gold prices in India are trending lower at INR 8,495.89 per gram, down from INR 8,529.00 recorded on Thursday. Similarly, the price per tola has dropped to INR 99,094.37, compared to INR 99,480.59 the previous day.
Current Gold Price in India
| Unit Measure | Gold Price (INR) |
|---|---|
| 1 Gram | 8,495.89 |
| 10 Grams | 84,958.75 |
| Tola | 99,094.37 |
| Troy Ounce | 264,251.80 |
Market Movers: Gold Awaits Key US Economic Data
Profit-Taking Amid Uncertainty
Gold prices have witnessed selling pressure for the second consecutive day, though broader market factors continue to support prices, preventing a steep decline.
- US Tariff War: President Trump announced 10% reciprocal tariffs on all imported goods, fueling global economic uncertainty.
- Rate Cut Expectations: Traders anticipate the Federal Reserve will resume rate cuts in June, with up to four reductions expected before the year’s end.
- US Bond Yields: The benchmark 10-year US Treasury yield has dipped below 4.0% for the first time in six months, failing to support the US Dollar.
- Weak US Economic Data:
- ISM Services PMI declined to 50.8 in March from 53.5 in February, missing market expectations.
- US Jobless Claims for the week ending March 29 fell slightly to 219K from 225K, indicating a mixed labor market outlook.
Key Event: US Nonfarm Payrolls (NFP) Report
The upcoming US Nonfarm Payrolls (NFP) data, scheduled for release later today, is expected to show an addition of 135K jobs in March, while the Unemployment Rate is projected to remain at 4.1%. Any surprise in these figures could influence gold prices significantly.
Technical Insights: Gold Price Support & Resistance Levels
- Support Levels: INR 8,450 per gram, INR 8,400 per gram
- Resistance Levels: INR 8,550 per gram, INR 8,600 per gram
Gold traders should closely watch global economic events and the USD/INR exchange rate, as these factors heavily influence gold prices in India. For more updates, visit Daily Gold Signal.
Conclusion
Gold prices in India continue to decline due to profit-taking, market uncertainty, and anticipation of key US economic data. While short-term corrections persist, broader economic concerns and policy decisions could influence future price movements. Investors should remain cautious and monitor Federal Reserve policies and the NFP report for further direction.
