New Delhi: Gold prices in India have surged to unprecedented levels, crossing the Rs 1 lakh per 10 grams mark amid rising global market uncertainties. As of now, 24-carat gold is priced above Rs 10,000 per gram in major cities including Delhi, Mumbai, Kolkata, and Chennai, reflecting a robust rally for the yellow metal.
In the U.S., gold futures experienced a significant jump of 1.7%, reaching $3,482.40 on Monday evening. This surge is attributed to rising concerns among investors following President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell, which has fueled anxieties over potential economic instability. As a result, many investors are flocking to safer assets like gold.
Gold Prices Across Indian Cities
Currently, 24-carat gold costs Rs 10,150 per gram in Delhi, as well as in nearby cities like Gurugram and Noida. The price in cities like Mumbai, Chennai, and Kolkata is slightly lower at Rs 10,135 per gram. For 22-carat gold, the prices are lower at around Rs 9,305 per gram in Delhi, and Rs 9,290 in Mumbai and Kolkata.
Here’s the price breakdown for 1 gram of 24-carat gold in different Indian cities:
• Delhi: Rs 10,150
• Noida: Rs 10,135
• Gurugram: Rs 10,135
• Mumbai: Rs 10,135
• Chennai: Rs 10,135
• Bengaluru: Rs 10,135
• Kolkata: Rs 10,135
A Hedge Against Uncertainty
Gold has long been considered a symbol of wealth and holds deep cultural significance in India, especially during festivals and celebrations. Many Indians view the metal as a secure investment, offering protection during times of financial instability. Amid global economic tensions, gold is often seen as a hedge against market volatility.
Global Impact of US Politics
The current rally in gold prices is largely driven by global concerns over the economic implications of President Trump’s trade policies. Trump’s ongoing conflict with Federal Reserve Chair Powell, particularly over interest rates, has led to heightened market anxiety. Trump’s demand for lower interest rates contrasts with Powell’s stance to keep rates steady until clearer economic signals emerge, leading many investors to shift towards gold as a safer asset.
Tim Waterer, Chief Market Analyst at KCM Trade, noted that concerns over tariffs and trade tensions have added to market instability, with many seeking refuge in gold as the U.S. dollar weakens. Gold prices surpassed the $3,400 mark on Monday, after having crossed the $3,300 threshold just last week.
As uncertainties continue to swirl, gold remains a safe bet for investors, providing both security and a hedge against volatile global financial conditions.
