**Market Volatility: A Global Phenomenon**
Gold prices have experienced significant fluctuations in recent times, with a substantial pullback from last week’s record highs. This volatility is a result of the ongoing global economic uncertainty, characterized by rising inflation concerns and escalating trade tensions.
- Trade tensions: The United States has implemented reciprocal tariffs, initially planned for a smaller group of countries, which has now been expanded to apply to all countries. The escalation of the trade war could trigger a global recession, driving safe-haven demand.
- Inflation concerns: Rising inflation has led to a shift in investor sentiment, with safe-haven assets such as gold becoming more attractive.
- Geopolitical risks: Ongoing geopolitical tensions have contributed to the volatility in gold prices, with the recent price drop attributed to a mix of market fluctuations and panic selling.
**Global Market Overview**
The US gold market is showing signs of recovery after recent volatility, with COMEX gold trading around $3,016.6 per troy ounce. The market is closely watching upcoming economic data releases, including Federal Reserve meeting minutes due Wednesday and inflation data (CPI and PPI) expected later this week.
| Country | Gold Price (per 10 grams) | Price Change (percent) |
| India | ₹89,730 | down ₹600 |
| US | $3,016.6 | no change |
**ETF Markets**
Gold ETFs continue to attract strong investor interest, with the commodities-focused ETF category inhaled $7.4 billion in March alone and $11.0 billion in the first quarter of 2025. The SPDR Gold Shares (GLD) has delivered impressive returns, soaring 19.2% in Q1 and 40.1% over the 12 months through March.
“The fundamentals of gold as an asset class remain very strong and will continue to be robust throughout the year.”
—Sachin Jain, Regional CEO India at the World Gold Council
**Technical Analysis**
According to technical analysts, gold support points are currently at $3,090-$3,055, with resistance at $3,138-$3,160. The recent price correction was anticipated rather than resulting from panic selling, according to the World Gold Council.
| Support Level | Resistance Level |
| $3,090-$3,055 | $3,138-$3,160 |
**Expert Commentary**
Jigar Trivedi, Senior Analyst at Reliance Securities, emphasizes that “the bullish undertone in gold remains intact” despite recent corrections. Market experts suggest that gold’s long-term appeal remains supported by trade tensions, potential Fed rate cuts, and ongoing geopolitical risks. Key Factors to Watch
- Federal Reserve meeting minutes (April 9)
- US CPI data (April 10)
- US PPI report (April 11)
- Developments in global trade tensions
- Central bank buying patterns
The World Gold Council maintains that the fundamentals of gold remain strong. Ongoing demand and geopolitical uncertainty continue to drive gold’s appeal as a safe haven. Despite the recent correction, the short-term outlook for gold remains bullish, with market participants viewing dips as buying opportunities.
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