Gold Prices Cross ₹1 Lakh Mark in India; Global Rates Hit All-Time High
The price of gold continues to surge both in India and globally. On Tuesday, the retail price of 10 grams of 24-carat gold in India crossed the ₹1 lakh mark, setting a historic milestone. In the international market, the price of one troy ounce of gold reached an unprecedented $3,400.
In MCX (Multi Commodity Exchange) trading, the price of 10 grams of gold soared to ₹99,178, showing a steep single-day increase of ₹1,900. Without GST, the physical market price is ₹97,200 per 10 grams. After including the 3% GST, the price breaches ₹1,00,000 per 10 grams.
Silver Also On the Rise
The May futures contract for silver rose by 0.33%, pushing the price to ₹95,562 per kg. The June futures contract for gold increased by 2.13% to ₹97,279 per 10 grams, while silver rose by 0.2% to ₹95,247.
Global Factors Driving the Surge
- The US Dollar Index dropped to 98.12, its lowest in three years, contributing to the rise in gold prices.
- Ongoing trade tensions between the US and China and economic uncertainty are fueling increased demand for gold as a safe-haven asset.
- Disagreements between US President Donald Trump and the Federal Reserve over interest rate cuts have further impacted global markets.
Market Outlook
According to commodity analyst Manoj Kumar Jain:
- Gold support levels (MCX): ₹96,600 – ₹96,100
- Gold resistance levels: ₹97,700 – ₹98,400
- Silver support levels: ₹94,650 – ₹94,000
- Silver resistance levels: ₹96,000 – ₹96,650
City-wise Gold Rates in India (Per Sovereign / 8 grams)
- Delhi: ₹57,184 (22K), ₹60,984 (24K)
- Mumbai: ₹57,496 (22K), ₹61,264 (24K)
- Chennai: ₹56,912 (22K), ₹60,632 (24K)
- Hyderabad: ₹56,896 (22K), ₹60,640 (24K)
