Gold plunges to ₹72,200: Here’s all you need to know

By Priyanka Deshpande CNBC-TV18.com Published April 23, 2024

[{"selector":"#anim-72eb09c1-973d-4c82-8961-481644c8a10b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7570aff1-93c5-405f-91a3-e0f1e2c98e59","keyframes":{"transform":["rotate(-360deg) translate3d(0px, 144.70487%, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-04c82647-e95f-4681-959d-323e7e5ae829 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-28.656914700409352%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Gold prices tumbled on April 23, 2024, by ₹1,450 to ₹72,200 per 10 grams in New Delhi due to profit-taking by traders and weak global trends.

[{"selector":"#anim-bcb5f655-a3a3-425b-a9e8-0a8a99b7df5b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4bf9dcb1-76f7-4eae-830c-c53f43db3117","keyframes":{"transform":["rotate(-360deg) translate3d(0px, 174.31456%, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-21c4dc1c-ccf6-4e7b-82f7-fa880db579a7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The precious metal had closed at ₹73,650 per 10 grams in the previous session.

[{"selector":"#anim-dede6546-cfbe-49a7-a933-8c20bbfde6ff","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a571bbe0-d256-4172-9bd1-0c46c9b9c6a3","keyframes":{"transform":["rotate(-360deg) translate3d(0px, 156.10024%, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d9725798-43a1-4367-8dbc-d06426e55983 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] In the international markets, spot gold at Comex was trading at $2,310 per ounce, down $55 from the previous close.

Some of the reasons for the fall are:

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[{"selector":"#anim-f83961a0-ac8a-450c-b207-8aeed5bc71b7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-280cd081-820e-4f53-8c27-ea1d9a47b677","keyframes":{"transform":["rotate(-360deg) translate3d(0px, 156.10024%, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-698c6c37-a674-4560-a057-b89e2e276289 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-28.90624987200394%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] "In the coming days, gold prices in MCX may find support near the ₹70,000 mark," Jateen Trivedi of LKP Securities told PTI.

[{"selector":"#anim-36c09231-d1a7-4967-a6bd-486a7a1b2506","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c378618b-5af6-4e83-90d6-b9e16623427d","keyframes":{"transform":["rotate(-360deg) translate3d(0px, 156.10024%, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a89a776d-72d8-4607-bb22-72d2e57047a4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] He added, "If prices fall below this level, another sell-off towards ₹68,500 could occur, as risk sentiments of middle east cools off."

[{"selector":"#anim-677d0cf6-4da4-4172-976e-ca25d37208e8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7064162b-6627-410d-bd62-1fbb042ef372","keyframes":{"transform":["rotate(-360deg) translate3d(0px, 174.31456%, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-431f822e-b620-40f4-88f3-85e7f5b2bd17 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Meanwhile, in the futures trade on the MCX, gold tanked ₹754 to trade at ₹70,443 per 10 grams.

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