New Delhi, April 21: Gold prices in India soared to an all-time high of ₹96,805 per 10 grams on Monday on the Multi Commodity Exchange (MCX), driven by global trade tensions and a weakening US dollar that boosted investor appetite for the safe-haven asset.
As of 1:30 PM, the MCX Gold June 5 futures contract was up by 1.65%, trading at ₹96,830 per 10 grams. Spot prices followed suit, with the India Bullion and Jewellers Association (IBJA) quoting 999 purity gold at ₹9,659 per gram and 22-carat gold at ₹9,427 per gram. Rates for 20-carat and 18-carat gold were ₹8,596 and ₹7,824 per gram respectively.
The surge in domestic gold prices mirrors international trends, with spot gold hitting a new peak of $3,384 per ounce globally. The rally is fueled by mounting geopolitical and trade uncertainties, especially between the US and China, pushing global investors toward gold.
The weakening of the US dollar is also adding momentum to gold prices. The dollar index touched a three-year low, making gold cheaper for holders of other currencies and enhancing its demand.
In the previous session, MCX gold saw a 0.44% dip to ₹95,239 per 10 grams due to profit booking. However, renewed concerns over a prolonged trade conflict have revived buying interest, particularly at lower price levels.
As festive demand kicks in, the possibility of gold touching the ₹1 lakh mark per 10 grams around Akshaya Tritiya is no longer far-fetched.
