New Delhi, April 22— Gold prices in India surged past ₹1 lakh per 10 grams for 24-carat purity, setting a fresh record amid intensifying global financial jitters and speculation around US interest rates.
According to goodreturns.com, 24-carat gold now costs ₹10,150 per gram in Delhi, while rates in Noida, Gurugram, Mumbai, Chennai, Bengaluru, and Kolkata hover around ₹10,135 per gram. In contrast, 22-carat gold—commonly used in jewellery—trades lower at ₹9,305 in Delhi and ₹9,290 in Mumbai and Kolkata.
The Multi Commodity Exchange (MCX) saw June delivery contracts spike by ₹1,899 or nearly 2%, opening at ₹99,178 per 10 grams. The price later adjusted slightly to ₹98,880—still up by ₹1,601—with an open interest of 22,687 lots.
In a further sign of the rally’s strength, August contracts jumped ₹1,848 or 1.89%, touching ₹99,800 per 10 grams, while October contracts breached the ₹1 lakh barrier for the first time, hitting ₹1,00,484—up by ₹2,000 or 2%.
Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd, said the global sentiment remains nervous, triggering demand for safe-haven assets. “Gold prices crossed USD 3,500 per ounce levels in the international markets for the first time and also crossed ₹97,000 levels in the domestic markets amid uncertainty in the global financial markets,” he said.
On the international front, gold futures peaked at $3,504.12 per ounce before settling at $3,490.72—still up $65.42 or 1.91%.
The rally comes amid growing anxiety over US monetary policy. President Donald Trump on Monday renewed calls for the Federal Reserve to cut interest rates, warning that the US economy could stall otherwise. White House economic advisor Kevin Hassett also confirmed that Trump’s team is examining whether Fed Chair Jerome Powell could be dismissed.
Meanwhile, Powell last week ruled out an immediate rate cut, citing inflation risks and the fallout from rising tariffs. The ongoing tussle between Trump and the Fed led to a slump in the dollar index, which dropped to a three-year low, further fueling gold’s momentum.
“Gold showed very high price volatility amid uncertainty in the global markets,” Kalantri said.
—With PTI inputs
