Gold crosses ₹70,000 again in sharp rebound, gains over 7% in a week

Gold prices surged past the ₹70,000-mark per sovereign once again on Wednesday, marking a strong recovery after a brief dip of ₹180 the previous day. On April 16, the price peaked at ₹70,520 — the highest so far this month — up from ₹69,760. The price of 22k gold also rose by ₹95 on the day, climbing from ₹8,720 to ₹8,815 per gram.

Gold has gained a remarkable ₹4,720 per sovereign — or 7.2% — in just over a week, rebounding from its monthly low of ₹65,800 recorded on April 8. Prices began their sharp upward trajectory from April 9, rising to ₹68,480 on April 10 and crossing ₹70,000 by April 12.

The rebound reflects a renewed bullish sentiment in the market, likely driven by global cues, safe-haven demand, or currency fluctuations. With prices staying above ₹70,000 and showing strong momentum, the trend may continue in the near term — a promising sign for short-term investors and those tracking price movements.

The decline in domestic prices was primarily driven by fluctuations in the international market. US President Donald Trump's decision to impose separate tariffs on smartphones and electronics next week has kept investors on edge, causing a slight decline in prices. However, experts note that the uncertainty has created favourable conditions for gold, which is predicted to climb to new heights this year.

US based investment bank Goldman Sachs has predicted that gold price would increase to $3,700 per troy ounce by the end of this year, up from their previous estimate of $3,300. The bank said that an increased demand from central banks and growing investor interest in China’s gold-backed Exchange Traded Fund (ETF) are expected to drive the prices higher.

Meanwhile, other investment banks are also predicting a similar increase, with Switzerland based UBS forecasting the prices to reach $3,500. If the forecasts hold true, the ripple effects will be felt in domestic markets as well.