Gold prices in India experienced a significant decline today, just two days before the much-awaited Akshaya Tritiya festival, which is set to be celebrated on April 30, 2025. The sharp drop in gold rates has come as a surprise to many, especially those planning to buy gold during the auspicious occasion, traditionally considered one of the best times to invest in the precious metal.
The drop in gold prices follows a weakening trend that began earlier this week, largely influenced by global market dynamics. On Monday, April 28, spot gold prices saw a retreat on the international market due to easing tensions between the U.S. and China, which led to reduced demand for safe-haven assets such as gold. Additionally, a stronger U.S. dollar added downward pressure on the prices of the precious metal.
As a result, the price of 24-carat gold in India has fallen from its record highs, and the price of 22-carat gold has dropped below the critical Rs. 90,000 per 10 grams mark. The significant price correction is being viewed as a relief for buyers looking to make purchases during Akshaya Tritiya, a festival traditionally marked by significant gold buying.
Current Gold Rates in India
As of today, Monday, April 28, 2025, the price of 22-carat gold in India has decreased by Rs. 620 per 10 grams, bringing the price down to Rs. 89,400 per 10 grams. Similarly, the price of 24-carat gold has dropped by Rs. 680, now trading at Rs. 97,530 per 10 grams. The price of 18-carat gold also saw a reduction, falling by Rs. 510 to Rs. 73,150 per 10 grams.
MCX Gold and Silver Futures Update
On the Multi Commodity Exchange (MCX), gold futures for June 5, 2025, saw a 0.20% decline, trading at Rs. 94,805 per 10 grams. Silver futures for May 5, 2025, also experienced a drop of 0.49%, with prices currently standing at Rs. 95,969 per kilogram.
City-Wise Gold Rates
Gold rates today remained consistent across major cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, with similar drops observed in both 22-carat and 24-carat gold prices.
This sudden price correction provides a notable opportunity for those looking to buy gold before Akshaya Tritiya, especially considering the traditional significance of the festival for gold investments.
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