Gold and Silver Rates Today (April 7, 2025): Amid Nifty crash, gold slips to Rs 88,585, Silver gains to Rs 89,345

Gold and Silver Rates Today (April 7, 2025): As Indian equity markets plunged on Monday—with the Nifty tumbling nearly 4 per cent—investors typically look to safe-haven assets like gold. However, gold failed to glitter this time amid the broader market sell-off. On the Multi Commodity Exchange (MCX), gold June futures slipped 0.1 per cent to Rs 88,585 per 10 grams, while silver May futures edged up 0.73 per cent to Rs 89,345 per kilogram.

Global Gold Trends

Globally, spot gold was down 0.1 per cent at $3,034.02 an ounce, its weakest level since March 13. US gold futures, in contrast, rose 0.5 per cent to $3,051.00. The yellow metal dropped more than 3 per cent last Friday following US President Donald Trump’s aggressive tariff announcement, which triggered massive sell-offs across global markets.

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China retaliated with a 34 per cent levy on US goods and export curbs on rare earth metals, intensifying concerns of a prolonged trade war. Though gold typically gains during geopolitical uncertainty, experts believe investors may be offloading bullion to cover losses and margin calls in equities.

Tim Waterer, Chief Market Analyst at KCM Trade, said, “Central banks continue to stockpile gold, which offers longer-term support. But short-term volatility is keeping prices under pressure.”

Meanwhile, spot silver rose 2 per cent to $30.13 an ounce after hitting a seven-month low. Spot platinum and palladium also edged up nearly 1 per cent each.

Outlook: Volatility Ahead

According to Manoj Jain, Director at India Nivesh, gold and silver markets showed sharp corrections last week as global tensions escalated.

“Gold June futures ended at $3,035.40 per ounce (down 2.76 per cent) and silver May futures at $29.23 (down 8.57 per cent) globally. In Indian markets, gold settled at Rs 88,075 per 10 grams, while silver fell to Rs 87,211 per kg,” he noted.

With the dollar index recovering and global equity markets in turmoil, Jain expects precious metals to remain volatile. He sees gold potentially testing $2,940 per ounce and silver approaching $28.00 in the near term.

Key technical levels:

• Gold (MCX): Support at Rs 87,300–86,500 | Resistance at Rs 88,800–89,360
• Silver (MCX): Support at Rs 85,800–84,500 | Resistance at Rs 88,500–90,000
• Gold (Global): Support at $3,000–2,964 | Resistance at $3,067–3,100
• Silver (Global): Support at $28.50–28.00 | Resistance at $29.80–30.20

Strategy Tip: Jain suggests selling gold on rallies around Rs 88,800 with a stop loss of Rs 89,550 and a target of Rs 87,000.

Gold Prices in Major Indian Cities (24K & 22K – Per Gram)

• Mumbai: Rs 9,038 (24K), Rs 8,285 (22K)
• Delhi: Rs 9,053 (24K), Rs 8,300 (22K)
• Chennai: Rs 9,038 (24K), Rs 8,285 (22K)
• Kolkata: Rs 9,038(24K), Rs 8,285 (22K)
• Bangalore: Rs 9,038 (24K), Rs 8,285 (22K)

Gold Price in Mumbai Today (April 7, 2025):

In Mumbai, 18-carat gold is priced at Rs 6,798 per gram, slightly down from Rs 6,799 yesterday. The 22-carat gold rate stands at Rs 8,309 per gram, marginally lower than yesterday’s Rs 8,310. Over the past 10 days, the average price for 22-carat gold has been Rs 8,405.40. For 24-carat gold, the rate is Rs 9,065 per gram, compared to Rs 9,066 the previous day. The 10-day average for 24-carat gold in Mumbai is Rs 9,169.80.