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HYDERABAD: After days of flirting with the Rs 1 lakh/10gm mark (24K) on the back of the Donald Trump-Xi Jinping slugfest, gold finally breached this psychological barrier for the first time in the Indian markets on Monday evening after the yellow metal scaled the $3,400/Oz mark to hit yet another all-time high of $3,430 in the international spot market.
“On Monday evening gold was selling at Rs 1,00,250 with taxes (3% GST) in the Delhi market,” confirmed Yogesh Singhal, chairman of the Delhi-based All Bullion & Jewellers Association. On MCX too, prices of the yellow metal hit an all-time high of Rs 97365 (June futures). With this, gold has gained by 30% since Jan 1, 2025, and 14.5% since the April 8, 2025 low of $2982, pointed out Avinash Gupta, vice-chairman, All India Gem & Jewellery Domestic Council.
Gupta pointed out that it took time to breach this mark because gold has been selling at a discount of 60-65% to the international price in the Indian market and the Indian Rupee has strengthened due to the weakening dollar amid the tariff wars.
“Due to tariff tensions between China and the United States, China is consistently selling dollars and US bonds to purchase gold, leading to a sharp rise in gold prices. The US President is also attempting to remove Federal Reserve chairman Powell,” said Surendra Mehta, national secretary, India Bullion and Jewellers Association.
According to Saumil Gandhi, senior analyst-commodities, HDFC Securities, factors such as a strong demand for safe-haven assets, driven by the uncertainty surrounding US President Donald Trump’s international trade policies, have heightened the likelihood of a US recession.
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