Gold prices in India rose near a mark of ₹ 1 lakh per 10 grams on Tuesday 22 April after a fast rally in global markets. According to the All India Sarafa Association, the gold of 24-karat in Delhi increased to 10 grams per 10 grams per 10 grams. With GST, prices in retail market have already crossed ₹ 1 lakh per 10 grams.
On MCX, Gold Futures hit 10 grams per 10 grams 96,775, marking a fresh all -time high.
Worldly, Spot Gold
Hit a record of $ 3,473.03 an ounce.
The US gold futures rose 1.7% to $ 3,482.40 an ounce.
The rally is being inspired by increasing global uncertainty. Federal Reserve President Jerome Powell’s renewed criticism of President Donald Trump has shocked the markets. Trump demanded immediate cuts and warned of a potential US economic recession.
His comments put pressure on the already weak US dollar, increasing the demand for gold.
Tim Waterr, the chief market analyst at KCM trade, said, “Investors are giving a wide berth to American assets between tariff concerns and Trump-Pavel Drama, which has kept gold in a major condition to capitalize on the dollar crisis.”
The Asian stock markets stumbled after American assets. China also accused the US of misusing tariffs and warned other countries against economic deals at their expense.
VP Research Analyst-Commodity and Mudra in LKP Securities said, “Gold prices extended their record-breaking rally as fresh weeks kicked with strong initial purchases,” VP Research Analyst-Commodity and Currency in LKP Securities.
According to Trivedi, the rally is supported by tariff stress, US economic concerns and debt crisis. The procurement issued by China, central banks and institutional investors has strengthened the rapid trend.
Technically, he said, the uptrend remains intact as long as the comex gold remains $ 3,250 an ounce and above MCX, above 91,000 per 10 grams.
He warned, “Any 93,000 per 10 grams dumping can be fresh entry points. But traders should manage the risk as volatility remains more,” he warned.
Markets are now waiting for the comments of US Fed officials later this week, which are for further indications on interest rates and inflation outlook.
Gold, traditionally seen as a defence against uncertainty, continues to benefit from the storm in global markets.
