Gold prices took a big hit on Friday, April 4, as investors reacted to growing trade tensions. Gold futures on the Multi Commodity Exchange (MCX) fell more than 2%, following a wider market selloff.
Gold Prices Fall
The June 2025 gold futures contract dropped 2.17% to ₹88,099 per 10 grams by 7:34 p.m. (IST). Just a day before, it was trading at ₹90,057. This sharp fall comes after China announced 34% tariffs on US imports in response to Donald Trump’s tariff policies.
Earlier this week, on April 1, gold futures hit a lifetime high of ₹91,400 per 10 grams. The all-time low stands at ₹77,078 per 10 grams, according to official data.
Silver Prices Crash
Silver prices also saw a major decline. Silver futures plunged 6.64% to ₹88,127 per kilogram on Friday. This is a steep fall from the previous market close of ₹94,399 per kilogram.
Global Gold Market
Gold prices worldwide also fell sharply. Spot gold in New York dropped 2.4% to $3,041.11 per ounce. Investors are selling gold along with other assets amid a market crisis.
Nicky Shiels, head of research and metals strategy at MKS Pamp SA, told Bloomberg that the market is facing severe wealth destruction. While gold has been a safe-haven asset, it is not immune to this massive market selloff.
