Gold prices mark notable drop from all time high

CHENNAI: Gold prices on the Multi Commodity Exchange (MCX) have experienced a significant fall. The June 2025 gold futures closed at ₹92,480 per 10 grams on Friday, marking a 7.4% drop from the all-time high of ₹99,358 reached earlier this year. This represents a ₹7,347 decrease from the peak

Technical analysts suggest that if prices remain below ₹94,000, the next support level could be around ₹89,500. A sustained break below this level might lead to further declines toward ₹85,000.

Global Market (COMEX & Spot Gold)

Spot Gold: Closed at $3,210.19 per ounce on May 16, down 0.9% for the day and over 3% for the week, marking its worst weekly performance since November 2024 .

COMEX Gold: Traded at approximately $3,216.30 per ounce on May 16. The decline is attributed to easing US-China trade tensions, a stronger US dollar, and the absence of immediate dovish signals from the US Federal Reserve. These factors have diminished gold’s appeal as a safe-haven investment.