New Delhi, April 22 — Gold prices in India soared past ₹1 lakh per 10 grams for 24-carat purity on Tuesday, marking an all-time high as international market turbulence and speculation over US monetary policy spurred investors toward the yellow metal.
According to goodreturns.com, the price of 24-carat gold stood at ₹10,150 per gram in Delhi and ₹10,135 in cities like Mumbai, Kolkata, Chennai, Bengaluru, Gurugram, and Noida. Prices for 22-carat gold—commonly used in jewellery—were lower, at ₹9,305 in Delhi and ₹9,290 in Mumbai and Kolkata.
On the Multi Commodity Exchange (MCX), June contracts surged by ₹1,899 or nearly 2% in early trade, opening at ₹99,178 per 10 grams before easing slightly to ₹98,880—still up ₹1,601—with an open interest of 22,687 lots.
The bullish momentum extended across future contracts. August delivery rose by ₹1,848 to hit ₹99,800 per 10 grams, while October contracts breached the psychological ₹1 lakh mark for the first time, peaking at ₹1,00,484—a ₹2,000 jump or 2% gain.
“This kind of movement reflects the nervousness in the global financial system,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
“Gold prices crossed USD 3,500 per ounce in international markets for the first time, and domestic rates followed suit, surpassing ₹97,000 amid uncertainty and the escalating US-China trade war.”
Globally, gold futures spiked to $3,504.12 per ounce before retreating to $3,490.72—still up $65.42 or 1.91%—underscoring the ongoing investor rush for safety.
The rally comes amid a political and financial standoff in Washington. President Donald Trump renewed pressure on the US Federal Reserve on Monday, urging immediate interest rate cuts and warning of a potential economic slowdown. “If the Fed doesn’t act, we’re risking a stall,” Trump said.
Further intensifying the drama, White House economic advisor Kevin Hassett confirmed the administration is reviewing legal avenues to dismiss Fed Chair Jerome Powell—a move that would deepen institutional uncertainty.
Last week, Powell signaled reluctance to slash rates, citing inflation concerns and economic risks linked to new tariffs. The dispute weighed heavily on the dollar, dragging the dollar index to a three-year low—a key factor propelling gold higher.
“Gold showed very high price volatility amid uncertainty in the global markets,” Kalantri added.
—With PTI inputs