Gold prices declined by 1.48% to settle at Rs 151,671, driven by a decrease in geopolitical risk sentiment as market participants look forward to potential peace negotiations between the U.S. and Iran. The approaching end of the two-week ceasefire has led to increased uncertainty; however, it has not strengthened the demand for safe-haven assets.

Moreover, the U.S. retail sales figures surpassed projections, reflecting a growth of 1.7% against an anticipated 1.4%, thereby reducing the appeal of gold and highlighting the persistent economic momentum. In the context of international commerce, Swiss gold exports saw a significant rise of 30% month-on-month in March, driven by increased shipments to the UK and China. In contrast, exports to India experienced a notable downturn, which can be linked to diminished domestic demand and rigorous import restrictions.

Physical demand in India has exhibited indications of softness in the lead-up to Akshaya Tritiya, primarily due to elevated price levels, leading to a diverse array of premiums and discounts across various markets. Meanwhile, China’s central bank sustained its purchasing activity, acquiring 160,000 ounces in March, marking the 17th consecutive month of accumulation, which highlights long-term structural support amid short-term price volatility.

From a technical perspective, the market demonstrates emerging selling pressure, with open interest rising by 3.11% to 8,660, indicating a notable buildup of short positions. Immediate support is established at Rs 150,720, with further downside potential reaching Rs 149,770. On the upside, resistance is noted at Rs 153,305, and a breakout above this level could drive prices towards Rs 154,940.