3 hours ago
Gold prices in India surged near the ₹1 lakh per 10 grams mark on Tuesday, April 22, following a sharp rally in global markets. In Delhi, 24-karat gold jumped ₹1,650 to ₹99,800 per 10 grams, according to the All India Sarafa Association. With GST, prices in the retail market have already crossed ₹1 lakh per 10 grams.
On MCX, gold futures hit ₹96,775 per 10 grams, marking a fresh all-time high.
Globally, spot gold hit a record high of $3,473.03 an ounce.
US gold futures rose 1.7% to $3,482.40 per ounce.
The rally is being driven by mounting global uncertainty. President Donald Trump's renewed criticism of Federal Reserve Chair Jerome Powell has rattled markets. Trump demanded immediate rate cuts and warned of a potential US economic slowdown.
His comments added pressure to an already weak US dollar, boosting demand for gold.
“Investors have been giving a wide berth to US assets amid tariff worries and Trump-Powell dramas, which has kept gold in prime position to capitalise on the dollar's woes,” said Tim Waterer, Chief Market Analyst at KCM Trade.
Asian stock markets wobbled after US assets saw a sharp sell-off. China also accused the US of abusing tariffs and cautioned other countries against economic deals at its expense.
“Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities.
According to Trivedi, the rally is supported by tariff tensions, US economic concerns, and the looming debt crisis. Continued buying by China, central banks, and institutional investors has strengthened the bullish trend.
Technically, he added, the uptrend remains intact as long as Comex gold stays above $3,250 per ounce and MCX above ₹91,000 per 10 grams.
“Any dips towards ₹93,000 per 10 grams may offer fresh entry points. But traders should manage risk as volatility remains high,” he cautioned.
Markets now await comments from US Fed officials later this week for further cues on interest rates and inflation outlook.
Gold, traditionally seen as a hedge against uncertainty, continues to benefit from the storm brewing in global markets.
