Gold Prices Soar to Record Rs 1,00,000 per 10 Grams
In a landmark development, 24-carat gold prices surged to a historic Rs 1,00,000 per 10 grams in India, marking an all-time high.
New Delhi: In a landmark development, 24-carat gold prices surged to a historic Rs 1,00,000 per 10 grams in India, marking an all-time high.
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According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold jumped by Rs 3,300 in just 24 hours — from Rs 96,670 to Rs 1,00,000.
Other gold variants also saw a steep rise:
- 22-carat gold reached Rs 97,600 per 10 grams
- 20-carat gold touched Rs 89,000 per 10 grams
- 18-carat gold climbed to Rs 81,000 per 10 grams
On the Multi Commodity Exchange (MCX), October futures briefly surged to Rs 1,00,484 per 10 grams — a 2% increase in a single trading day.
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Why Are Gold Prices Rising?
Experts attribute the surge in gold prices in India to growing global demand for the yellow metal as a safe-haven investment. Market analyst Colin Shah, MD of Kama Jewellery, stated, “The latest rally is fueled by rising tensions between President Trump and US Fed Chair Jerome Powell, especially surrounding interest rate decisions.”
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Key contributing factors include:
- Global geopolitical tensions
- Weakening of the US dollar
- Federal Reserve rate cuts
- Increased gold purchases by central banks (India, China)
- The ongoing de-dollarisation strategy
Gold is seen as a non-yielding yet secure asset, and lower interest rates globally reduce the opportunity cost of holding it. This has led to massive buying by institutional investors and central banks alike.
Domestic Demand Boost During Festive Season
Colin Shah also noted that gold prices typically witness an uptick during festive seasons like Akshaya Tritiya, due to a surge in retail demand. The combination of domestic demand and global trends is expected to keep gold prices high in the near future.
