Gold Price Today: The yellow metal backtracked after hitting back-to-back record highs on Friday, April 11, extending the rally driven by the bullion’s safe-haven appeal amid concerns over an escalating trade war between the US and China

Gold on Wednesday extended its retreat from an all-time high, as appetite for riskier assets improved after President Donald Trump said he has no plans to fire the U.S. central bank chief and also signalled progress with China on the tariff front.

Spot gold slipped 2.2% at $3,305.79 an ounce by 09:23 a.m. ET (1323 GMT), after hitting a record high of $3,500.05 in the previous session. U.S. gold futures dropped 2.9% to $3,320.40.

Sentiment in wider financial markets improved and the dollar rebounded after President Trump backed off from threats to fire Federal Reserve Chair Powell after days of intensifying criticism of the central bank chief for not cutting interest rates.

Gold, used as a safe store of value during times of political and financial uncertainty, has gained more than 26% since the start of 2025, boosted by central bank buying, tariff war fears and strong investment demand.

Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said,  “Gold prices witnessed sharp weakness, declining by ₹1,500 to settle at ₹95,800 on MCX, after hitting an intraday low of ₹94,950. This marks a steep sell-off of nearly ₹2,500 since April 3rd, signaling a possible short-term reversal from recent peak highs.

The month of April remains highly volatile, with technical charts showing early signs of trend exhaustion. A rebound in the Dollar Index from 98.4 and comments from Donald Trump hinting at potential tariff resolutions with India, Japan, and China have weighed on gold’s safe-haven premium. As tariff concerns ease, gold is seeing some premium unwinding.

Looking ahead, gold is expected to trade in a broad range between ₹94,000– ₹98,000, with elevated volatility likely to persist. Traders are advised to maintain strict risk management, especially in such overstretched market conditions.”