Gold Price Soars By Rs 1,650 To Another Record High, Edges Close To Rs 1 Lakh-Mark

The price of 24-karat gold in the retail market soared by Rs 1,650 to hit an all-time high of Rs 98,100 per 10 grams in New Delhi. The prices were driven higher by the global rush for safe-haven buying that was triggered by an escalating trade war between the US and China.

According to the All India Sarafa Association, the precious metal of 99.9% purity had closed at Rs 96,450 per 10 grams on Tuesday. Gold prices recorded its steepest intraday hike on April 11 when it jumped over Rs 6,200.

In 2025 so far, the yellow metal prices have risen by Rs 18,710 or 23.56% from Rs 79,390 levels at the end of the last year.

Meanwhile, gold of 99.5% purity also rose by Rs 1,650 on Wednesday to hit a fresh peak of Rs 97,650.

Additionally, silver prices climbed by Rs 1,900 to Rs 99,400 per kg. The white metal had closed at Rs 97,500 per kg on Tuesday.

On the Multi Commodity Exchange, gold futures for June delivery surged by Rs 1,984 or 2.12% to touch a record high of Rs 95,435 per 10 grams.

"Gold showed a solid rally once again...as MCX gold hit landmark levels of Rs 95,000, while Comex gold surpassed $3,300, reflecting strong safe-haven demand," said Jateen Trivedi, vice president and research analyst of commodity and currency at LKP Securities, said.

The rally was driven by geopolitical uncertainty and the absence of any constructive progress in tariff negotiations between the US and China. Until there is a concrete update indicating de-escalation, gold is likely to remain elevated, Trivedi added.

On the global front, spot gold rose to touch a record high of $3,318 per ounce.

"Gold surged to a record high, driven by growing trade war concerns after the US government tightened export rules to China," Kaynat Chainwala, assistant vice president for commodities research at Kotak Securities, said. US President Donald Trump has announced an investigation into whether tariffs are needed on critical minerals, further fuelling market anxiety.

According to Abans Financial Services' Chief Executive Officer Chintan Mehta, gold prices hit record highs as the US dollar index slipped below the 100-mark, nearing three-year lows. He said the upswing in gold is fuelled by rising expectations of a potential interest rate cut, with markets closely watching US Federal Reserve Chair Jerome Powell's speech to come later in the day.

"As the Federal Reserve navigates the twin challenges of supporting economic growth while managing tariff-driven inflation, the current macro environment continues to offer strong support for gold," he added.

(With PTI inputs)