Indian gold rates have shot past the ₹1 lakh mark for 10 grams, with rising worldwide uncertainties propelling the precious metal's value to an all-time high. The price of 24-carat gold now stands above ₹10,000 per gram in all key cities, such as Delhi, Mumbai, Kolkata, and Chennai.
In global markets, the trend is also not different. US gold futures jumped 1.7% on Monday night to $3,482.40. The push continued after US President Donald Trump criticized Federal Reserve Chairman Jerome Powell, increasing investor worry and encouraging a move towards safe investment channels like gold.
City-Wise Gold Prices Across India
According to statistics from goodreturns.com, 24-carat gold costs ₹10,150 per gram in Delhi, Gurugram, and Noida. Note, however, that actual gold is not normally utilized for jewellery making, which is normally 22-carat gold. The 22-carat type is slightly cheaper at about ₹9,305 per gram in these cities.
In Mumbai and Kolkata, 24-carat gold is slightly lesser in price, for ₹10,135 per gram, whereas the 22-carat variant sells for ₹9,290.
Here's a quick glance at 24-carat gold prices per gram in top Indian cities:
- Delhi: ₹10,150
- Noida: ₹10,135
- Gurugram: ₹10,135
- Mumbai: ₹10,135
- Chennai: ₹10,135
- Bengaluru: ₹10,135
- Kolkata: ₹10,135
Gold has always been a symbol of prosperity and carries deep cultural meaning in India. Whether weddings, festivals, or religious rituals, the use of gold is perceived as indispensable. Beyond being decorative, gold is perceived as a safe asset, especially in times of economic crisis. It tends to serve as a protective shield or hedge for investors seeking to preserve their wealth.
Global Factors Behind the Surge
Investment nervousness fueled by President Trump's global policy has contributed to market fear, further enhancing gold's status as a safe-haven asset.
Tim Waterer, Senior Market Analyst at KCM Trade, said, "Tariff concerns and the tensions between Trump and the Fed chairman have left investors seeking safety, because of which gold has been in a position to take advantage of a weakening dollar.
His remarks followed close on the heels of President Trump calling for an interest rate cut, which is contrary to Fed Chair Powell's more conservative approach in holding back for more definitive signals on the economic effects of US tariffs. Trump even threatened that not cutting rates could endanger the slowing of the US economy.
Gold prices were already past the $3,300 mark last Wednesday and went on to reach even higher to be above $3,400 by Monday.
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