Gold and Silver Prices on 3 April in Key Indian Cities

Gold and Silver Prices Plummet Amid Rising Tensions and Hawkish Comments

The domestic futures market in India witnessed a decline in gold and silver prices on Thursday, April 2, following U.S. President Donald Trump's national address. Trump reiterated that the United States would continue to strike Iran "very hard" over the coming weeks, re-escalating the war. As a result, gold prices on the Multi Commodity Exchange (MCX) ended flat but in the red, while silver prices suffered a 4.5% drop.

According to the MCX, the Gold 2 April contracts ended at ₹1,49,650 per 10 grams, while the Silver 5 May contracts settled at ₹2,32,600 per kg. The commodities market was closed on April 3 due to Good Friday.

As of April 2, the 24-carat gold price was ₹1,49,210 per 10 grams, and the 22-carat gold price was ₹1,36,776 per 10 grams. The silver price for 999 Fine was ₹2,32,500 per kg.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

Here are the current gold and silver prices in various cities:

According to Dr. Renisha Chainani, Head of Research at Augmont, gold and silver prices came under pressure after hitting fresh two-week highs near $4,800 and $75, respectively. Rising geopolitical tensions and a stronger US dollar triggered profit-booking, Chainani noted. The prolonged conflict, along with Trump's hawkish comments, reduced hopes of near-term de-escalation and reinforced the dollar's safe-haven appeal.

Chainani also forecast that gold has approached a key resistance zone near $4800, increasing the likelihood of profit-booking towards $4500 (~ ₹144,000). Similarly, silver has tested resistance near $75 and could correct towards $67 (~ ₹215,000).

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities