Gold Prices Decline by Rs 400 Today on Akshaya Tritiya
Gold prices experienced a slight decline on Akshaya Tritiya 2025, with June futures at the Multi Commodity Exchange (MCX) starting at Rs 95,208 per 10 grams, down by 0.4%. Silver also saw a decrease, with July futures trading at Rs 97,292 per kilogram, a drop of 0.84%. Despite this dip, the first four months of 2025 have shown remarkable growth in gold investments, with prices rising approximately 25% during this period. Akshaya Tritiya is traditionally viewed as an auspicious day for purchasing gold, attracting many investors seeking to enhance their financial stability.
Market Performance on Akshaya Tritiya
On Akshaya Tritiya, gold June futures opened at Rs 95,208 per 10 grams, reflecting a decrease of Rs 384. Silver July futures also began trading lower at Rs 97,292 per kilogram, down by Rs 826. This day is significant for many investors, as it symbolizes prosperity and is considered an ideal occasion for acquiring gold. According to Deveya Gaglani, a Senior Research Analyst at Axis Securities, those who invested in gold during the previous Akshaya Tritiya have enjoyed substantial gains, exceeding 31%. This trend highlights the importance of the festival in driving gold purchases among consumers.
In the broader market, gold and silver exhibited mixed results. On Tuesday, gold June futures closed at Rs 95,592 per 10 grams, marking a decline of 0.45%. Conversely, silver July futures ended at Rs 98,118 per kilogram, showing a slight increase of 0.42%. The fluctuations in precious metals prices were influenced by ongoing U.S. trade negotiations and mixed economic indicators, which have created a volatile trading environment.
Economic Indicators and Market Reactions
The trading session on Tuesday revealed varied outcomes for precious metals, influenced by developments in U.S. trade policies. U.S. stock markets showed slight improvements, but economic indicators presented a mixed picture. Manoj Kumar Jain from Prithvifinmart Commodity Research noted that U.S. consumer confidence has declined due to inflation concerns and rising trade tariffs, which have hindered gold prices. Meanwhile, silver saw some bargain buying amid hopes for progress in U.S.-China trade negotiations.
Market participants are closely monitoring upcoming U.S. GDP and corporate earnings reports for clearer insights into economic conditions. Jain anticipates continued volatility for both gold and silver prices this week, particularly in light of fluctuations in the dollar index and the release of key economic data. He suggests that gold prices may find support around $3,200 per troy ounce, while silver could stabilize at $31.40 per troy ounce on a weekly closing basis.
Price Predictions and Investment Strategies
Looking ahead, Jain has outlined specific support and resistance levels for gold and silver at the MCX. He identifies gold’s support levels between Rs 95,000 and Rs 94,400, with resistance at Rs 96,040 to Rs 96,650. For silver, he notes support at Rs 97,400 to Rs 96,650, with similar resistance levels. Jain recommends that investors consider purchasing silver during price dips near Rs 97,400 to Rs 97,000, advising a stop loss at Rs 96,350 and targeting Rs 98,500 to Rs 99,200.
Deveya Gaglani also emphasizes the importance of strategic purchasing during price corrections of 5-10%. He cautions that current prices are nearing overbought levels, suggesting that the risk-reward ratio may not be favorable at this time. In a bullish scenario, he predicts that if gold prices maintain levels above Rs 100,000, they could potentially reach Rs 110,000 by the next Akshaya Tritiya. Conversely, he anticipates price consolidation around Rs 87,000 on the downside, indicating a cautious approach for investors in the current market climate.
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