Gold Prices Swing Amid Market Meltdown: Sensex Crashes 4,000+ Points After Trump Tariff Shock

The Indian stock market on Monday, April 7, witnessed a sharp selloff that mirrors the massive global market turmoil which was triggered by fresh tariff announcements from US President Donald Trump last week. The move reignited recession fears, sending shockwaves through equities, commodities, and investors worldwide.

The BSE Sensex opened on Monday with a staggering plunge of over 3,000 points, falling more than 4 per cent to 71,449.94 from its previous close of 75,364.69. The NSE Nifty also suffered a steep fall, dropping over 900 points to open at 23,190.40, a 4.5 per cent cut from Friday’s close of 24,104.45.

Trump’s aggressive decision on imposing tariffs has raised alarms across financial markets. Investors are bracing for potential fallout amid escalating trade tensions and the impact was not limited to stocks - precious metals also saw volatile movements.

Gold, which had recently surged to record highs due to safe-haven demand, experienced mixed signals. While gold rates on the Multi Commodity Exchange (MCX) edged higher by Rs 301 or 0.34 per cent to Rs 88,376 per 10 grams, spot gold in international markets plummeted 1.9 per cent to $2,981.09 an ounce, marking its lowest level since March 13. US gold futures also slipped by 1.3 per cent to $2,997.40.

Silver prices followed a similarly volatile trajectory. On the MCX, silver rallied 1.71 per cent to Rs 88,698 per kg, while global spot silver prices plunged 2.8 per cent to $28.74 an ounce, the lowest in nearly seven months.

Meanwhile, Indian gold buyers saw a minor relief as retail prices dropped by Rs 1 per gram in several cities, easing the pressure from recent surges.

Also Read: Why Is the Stock Market Down Today? Here Are the Key Reasons Behind the Bloodbath on the D street

Gold prices today in major Indian cities

Delhi

In the national capital, 18-carat gold is priced at Rs 6,811 per gram today, down by Rs 1 from yesterday’s Rs 6,812. The rate for 22-carat gold stands at Rs 8,324 per gram, marginally lower than yesterday’s Rs 8,325. Over the past 10 days, the average price for 22-carat gold in Delhi has been Rs 8,420.40. The rate for 24-carat gold stands at Rs 9,053.

Chennai

Gold prices in Chennai show a similar trend. 18-carat gold is priced at Rs 6,844 per gram, down Rs 1 from yesterday. The 22-carat gold rate is Rs 8,309 per gram, while 24-carat gold stands at Rs 9,065 - both slipping Rs 1 from the previous day. The 10-day average for 22-carat gold is Rs 8,405.40, while for 24-carat gold it is Rs 9,169.80.

Mumbai

In Mumbai, 18-carat gold is trading at Rs 6,798 per gram, slightly lower than yesterday’s Rs 6,799. The rate for 22-carat gold is Rs 8,309, and 24-carat gold is priced at Rs 9,065 - both down Rs 1 from the day before. The 10-day averages for 22-carat and 24-carat gold are Rs 8,405.40 and Rs 9,169.80 respectively.

Bengaluru

Gold prices in Bengaluru mirror those in Mumbai. 18-carat gold is at Rs 6,798 per gram, while 22-carat and 24-carat gold are priced at Rs 8,309 and Rs 9,065, respectively showing a marginal dip of Rs 1 from the previous day.