Gold prices today: Metal rises 0.5% to cross $2,340 an ounce, trades in green at MCX; check local rates

After edging lower for most of the week, gold prices showed signs of recovery in the trading session on Friday, April 26. The yellow metal was trading at $2,342 an ounce at 0650 hours GMT in the international market, up 0.5% as against the previous day’s close.

The rebound in rate came after gold slipped to its day’s low of $2,331 per ounce in the early hours of trading, at 0136 hours GMT.

Notably, gold had peaked to an all-time high on April 12, when the price touched $2,431.29 an ounce in anticipation of Iranian strikes on Israel. Tehran had vowed to carry out strikes in retaliation to a suspected Israeli attack on its Damascus consulate that killed 7 personnel.

Tehran’s attack on April 13 only caused a modest infrastructural damage with no loss of lives. On April 19, Israel reportedly carried out retaliatory aerial strikes in Iran, which failed to cause any major damage to lives or properties.

Since then, the two countries have not indicated any further escalation, which has eased the concerns in the commodities market.

Also Read: Gold prices: Citi forecasts yellow metal to touch $3,000 an ounce in 6-18 months

Gold rates in India

At India’s Multi Commodity Exchange (MCX), gold futures for June delivery was edging in the green during the mid-trading hours on April 26. The per 10 gram value of the metal stood at ₹71,404 at 12:36 pm, higher by 0.3% as against the previous day’s close.

Here are the retail rates in metro cities:

• The per 10-gram of 24 karat gold was trading at a retail price of ₹73,968 in Mumbai, down 0.31% as against the previous day’s close.
• In New Delhi, the price increased significantly by 1.5% to ₹74,401.
• In Kolkata, the rate was down 0.6% at ₹73,464.
• In Chennai, gold climbed by 0.7% to trade at ₹74,187 in the retail market.
• In Bengaluru, the rate stood flat at ₹74,041.

Even as gold prices have edged lower this week, the metal’s bull run is expected to continue due to global macroeconomic uncertainties, say analysts. In a forecast released earlier this month, Citi Research, said gold could hit the $3,000 an ounce mark in the period of next six to 18 months. It sees the baseline at $2,350 per ounce in 2024, higher by 6.8% as compared to its previous forecast.

For 2025, Citi Research has increased the gold’s estimated baseline to $2,875 per ounce, marking an upward revision of 40%. The metal is likely to test and surpass the $2,500 mark several times in this calendar year, it projected.