The yellow metal touched a record high of ₹99,100 per 10 grams for the first time-ever in the morning trade, but gave up the gains partially due to weak demand
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SIDDHANT THAKUR
Gold prices gained further on Tuesday to hit a new high of ₹98,484 per 10 gms against ₹96,670 logged on Monday, following the firm trend in the international markets.
The yellow metal touched a record high of ₹99,100 grams for the first time-ever in the morning trade, but gave up the gains partially due to weak demand, as per Indian Bullion and Jewellers Association data.
With the addition of 3 per cent GST, gold prices in the domestic markets have already crossed the ₹1 lakh-mark to touch ₹1.01 lakh.
On MCX, futures gold for December delivery traded at ₹99,298 per 10 grams, while June contracts were traded at ₹97,279 after hitting a high of ₹99,358.
Spot gold on Comex hit a record high of $3,473 an ounce. US gold futures rose 1.7 per cent to $3,482 per ounce.
Trade uncertainties
The rally in gold was driven by mounting global uncertainty, with US President Donald Trump renewing criticism of Federal Reserve Chair Jerome Powell. Trump demanded immediate rate cuts and warned of a potential US economic slowdown. Trump’s comments added pressure to an already weak US dollar, boosting demand for gold.
Colin Shah, MD, Kama Jewelry said besides US President comments on US Fed chief, there uncertainties brewing around the US-China trade war that is pushing safe-haven gold prices to a record high.
“As the global economic development unfurls, we project the gold price to breach the $3,600 an ounce in the international market during FY26,” he said.
Domestically, he said the sentimental and cultural value attached towards investing in yellow metal on auspicious occasions like Akshaya Tritiya will keep the demand upbeat, irrespective of the price trend.
Buyers’ interest
Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services said gold posted gains of over 20 per cent marking an all-time high on both MCX and COMEX. The pace and volatility in gold prices this year has been sharper than most asset classes, he added.
Sachin Jain, Regional CEO, India, World Gold Council said gold’s status as a haven is at an all-time high, and it is anticipated that Indians will continue to purchase gold this Akshaya Tritiya regardless of price fluctuations.
Industry feedback suggests a strong buyer interest in various forms of gold, including higher carat gold jewellery, gold ETFs, digital gold, and coins and bars, further solidifying gold’s role in Indian households, he said.
Despite external factors such as tariff-related uncertainties, gold jewellery retailers are well-stocked and optimistic about favourable buying behaviour, he said.
Published on April 22, 2025
