Gold prices undergoing short-term correction, prices in $3,050–$3,250 per ounce range in Q2: Report

Gold prices are anticipated to fluctuate between $3,050 and $3,250 per ounce in the second quarter of 2025, based on a report by ICICI Bank Global Markets, whereas suggesting a short-term correction of declining prices.After rising practically 25 per cent throughout January to April 2025, gold prices have declined round 4 per cent over the previous fortnight. The pullback displays easing considerations over international commerce conflicts and lowered safe-haven demand, following the 90-day truce between the US and China.Data from the World Gold Council (WGC) highlights sturdy funding demand in the primary quarter of 2025, with a 170 per cent year-on-year enhance. This surge was largely pushed by investor uncertainty surrounding the Trump administration’s insurance policies and ongoing commerce disputes. However, bettering diplomatic ties have since tempered market considerations, contributing to the current value moderation.The report additionally notes that the slowdown in central financial institution gold purchases seems to be non permanent. Meanwhile, elevated prices have subdued jewelry demand, a development more likely to persist in the close to time period. “We would not rule out the prospect of a mild correction setting in place in the near term, particularly if the US is able to move forward with making trade deals with the rest of the world,” the report acknowledged as quoted by information company ANI.In the Indian market, MCX gold prices stood at Rs 92,480 per 10 grams on Saturday. Domestic prices have remained regular, mirroring international weak spot and benefiting barely from the appreciation of the Indian rupee towards the US greenback.Gold imports have additionally moderated, with April imports at USD 3.1 billion in comparison with USD 4.5 billion in March. This decline aligns with lowered jewelry demand resulting from larger prices.Going ahead, ICICI Bank expects Indian gold prices to take care of an upward trajectory, ranging between Rs 92,500 and Rs 94,500 per 10 grams in the second quarter of 2025, with potential to succeed in Rs 96,000 to Rs 98,000 per 10 grams in the latter half of the yr.