Gold Prices Surge to Over Rs 1 Lakh Per 10 Grams Amid Market Turmoil

Gold prices in India have surged past Rs 1 lakh for 10 grams, driven by a record rally amid global market uncertainties. Pure 24-carat gold now costs over Rs 10,000 per gram in major cities like Delhi, Mumbai, Kolkata, and Chennai.

Gold futures in the US rose 1.7% to $3,482.40 on Monday evening, as investor concerns over President Donald Trump's criticism of Federal Reserve Chair Jerome Powell led to a shift towards safer assets like gold.
Gold Prices Across Major Indian Cities

In Delhi, Gurugram, and Noida, 24-carat gold is priced at Rs 10,150 per gram, according to goodreturns.com. However, pure gold is rarely used in jewelry, and it's not typically factored into jewelry price calculations. The cost of 22-carat gold is slightly lower, around Rs 9,305 per gram. In Mumbai and Kolkata, the prices are marginally reduced, with 24-carat gold costing Rs 10,135 per gram and 22-carat gold priced at Rs 9,290.

The 24-carat gold price per gram is Rs 10,150 in Delhi, while in neighboring cities like Noida, Gurugram, Mumbai, Chennai, Bengaluru, and Kolkata, it is slightly lower at Rs 10,135 per gram.

Gold has long been a symbol of wealth and carries significant cultural importance in India. It is an integral part of Indian celebrations, with many believing it provides security and helps navigate financial challenges during uncertain times. The yellow metal also serves as a hedge or protective asset for investors.

Global uncertainties surrounding Trump's foreign policies have raised concerns in the markets, driving a rally in safer assets like gold.

Tim Waterer, chief market analyst at KCM Trade, noted that tariff concerns and the ongoing friction between President Trump and Federal Reserve Chair Jerome Powell have pushed investors toward safer assets, allowing gold to benefit from a weakening dollar.

Waterer's comments came after Trump's call for interest rate cuts, contrasting with Powell's decision to hold rates steady until there's more clarity on the impact of Trump's tariffs. The President has warned of a potential economic slowdown if rates aren't reduced. As a result, gold surged past $3,400 on Monday, having already surpassed the $3,300 mark the previous Wednesday.