Overview

• Gold prices reached an all-time high of $3,500 per ounce globally and ₹1,02,170 per 10 grams in India in April 2025 before pulling back to ₹95,000–₹99,000.
• Central banks, including India's RBI, remain net buyers of gold, although the pace of purchasing has slowed due to elevated prices.
• Motilal Oswal Financial Services recommends buying on dips, citing support near ₹90,000–₹91,000 and targeting ₹1,06,000 per 10 grams in the medium to long term.
• Geopolitical tensions, U.S.–China trade policies, and Federal Reserve rate decisions have driven recent volatility in gold prices, with easing trade tensions contributing to the recent correction.
• India continues to play a major role in global gold demand, importing 700–750 tonnes annually, but high prices have raised concerns over weakening physical market demand.