In India, 24K gold was priced at ₹9,573 per gram, 22K at ₹8,775, and 18K at ₹7,180, as per Goodreturns data.
The US dollar rose 0.4% against key currencies, making gold costlier for global buyers.
President Donald Trump’s remarks on “potential” trade deals with India, South Korea, and Japan eased market jitters.
“Gold retraced as trade war concerns eased, but market confidence remains shaky,” said Ilya Spivak, head of global macro at Tastylive.
April saw gold hit multiple record highs as investors sought safety amid geopolitical tensions. But now, eyes are on Friday’s US non-farm payrolls report for clues on Federal Reserve policy.
The US economy shrank last quarter for the first time in three years. Traders now bet the Fed may cut rates by a full percentage point by late 2025.
In China, markets are closed from May 1-5 for the Labour Day holiday, reducing global trading volumes this week.
Investment returns and strategy
Over the past five years, gold has delivered a 14% annual return.
For investors, the near-term strategy is “buy on correction,” said Tejas Anil Shigrekar, Chief Technical Research Analyst, Angel One.
Key levels to watch:
Gold: ₹92,200–91,900 per 10 grams; Stop-loss ₹89,400 per 10 grams; Targets ₹97,900–1,00,200 per 10 grams
–With Reuters inputs
