Gold has crossed the ₹1 lakh per 10 gram mark on Tuesday following global cues where prices breached the $3500 per ounce mark as concerns over US President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell dampened risk sentiment and drove investors towards safe-haven bullion.
In Delhi, gold prices surged by ₹1,800 to zoom past the crucial ₹1 lakh-mark for 10 grams amid a buying rush by local jewellers and stockists in anticipation of increased demand during Akshaya Tritiya and the wedding season.
According to the All India Sarafa Association, the precious metal of pure gold hit the lifetime peak of ₹1,01,600 per 10 grams. Monday’s closing level was ₹99,800 per 10 grams. In Mumbai, the closing price of pure gold was ₹98,484 against ₹96,670 on Monday.
In Calcutta, the closing price of pure gold was ₹99,000 per 10 grams, up ₹2200 from ₹96,800 on Monday. At the Comex, the gold price had crossed $3,500 per ounce before settling at around $3442.90 at 8 PM, Indian time.
“This year marks a significant period for gold, with global prices increasing by 25 per cent since January and reaching a record high of $3500 per ounce. Gold’s status as a safe 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,” said Sachin Jain, regional CEO, India, World Gold Council.
“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,” Jain said.
Akshaya Tritiya, which is considered the most auspicious day to buy gold, falls on April 30. The ongoing wedding season is till May end.
“Market volatility seems to stay intact in 2025, hence it would be ideal for consumers to buy gold at this point. Immediate price correction isn’t visible on the horizon. We are expecting Akshaya Tritya to be very good and to cash in on the gold craze, we are giving a discount on making charges,” said Annargha Uuttiya Chowdhuury, director, Anjali Jewellers Private Limited.
“Although technical signals suggest overbought conditions, the prevailing macro backdrop continues to support gold’s upward momentum. With the US dollar losing ground in recent weeks, gold has reasserted itself as the true safe-haven asset,” said Riya Singh, research analyst, commodities and currency, Emkay Global.
“Additionally, warnings from China, cautioning nations against entering trade agreements with the US at their expense, added to gold’s appeal as a hedge against geopolitical and economic risk,” Kaynat Chainwala, AVP-commodity research at Kotak Securities.
Jewellery stocks were also buzzing amid record gold prices on Tuesday.
