Gold prices in India have smashed through the ₹1 lakh ceiling for 10 grams, reaching unprecedented territory as both international trends and homegrown demand send prices soaring.
As of Tuesday, April 22, 24-karat gold is retailing at ₹10,135 per gram—or ₹1,01,350 for 10 grams—according to Goodreturns. This is the first time the precious metal has crossed this milestone in India’s market.
Lower purities are also seeing steep valuations: 22-karat is going for ₹9,290 per gram, while 18-karat stands at ₹7,601.
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On the global front, spot gold surged to a record-breaking $3,473.03 per ounce, while US gold futures climbed 1.7% to settle at $3,482.40.
The spike is being fueled by growing unease across the globe. Tensions flared after former US President Donald Trump lashed out at Federal Reserve Chair Jerome Powell, demanding immediate interest rate cuts and raising alarms about the state of the US economy.
These remarks pushed the already struggling dollar further down, prompting investors to pile into gold, which is often seen as a safer bet during economic turbulence.
“US markets have been shaky thanks to trade skirmishes and political jabs, and gold has been soaking up that nervous energy,” said Tim Waterer, Chief Market Analyst at KCM Trade.
Meanwhile, markets in Asia faltered following a steep decline in American assets. In a related twist, China slammed the US over tariff practices and warned other nations about getting dragged into economic deals that could backfire.
“Gold kicked off the week with strong momentum, fueled by early buying and simmering geopolitical tensions,” noted Jateen Trivedi, VP – Research Analyst for Commodity and Currency at LKP Securities.
He pointed to a cocktail of concerns—tariff battles, signs of economic strain in the US, and an unresolved debt saga—as the main drivers. Ongoing purchases by China, central banks, and large institutional players are also keeping the rally alive.
From a technical standpoint, Trivedi says the upward trend remains solid as long as Comex gold holds above $3,250 and MCX gold stays north of ₹91,000. “If prices dip to around ₹93,000, it might be a chance to jump in again—but tread carefully, the market’s still jumpy,” he added.
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All eyes are now on upcoming statements from Federal Reserve officials, which could shape the next move for interest rates and inflation expectations.
