Gold prices surged by Rs 1,800 to zoom past the crucial Rs 1 lakh-mark for 10 grams in the national capital on Tuesday amid buying rush by local jewellers and stockists in anticipation of increased demand during Akshaya Tritiya and wedding season even as global macroeconomic uncertainties continued to fuel safe-haven chase.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity climbed Rs 1,800 to hit the lifetime peak of Rs 1,01,600 per 10 grams from Monday’s closing level of Rs 99,800 per 10 grams.
Gold of 99.5 per cent purity also jumped by Rs 2,800 to hit a record high of Rs 1,02,100 per 10 grams in the local markets on Tuesday. It had settled at Rs 99,300 per 10 grams in the preceding session.
Akshaya Tritiya, which is considered the most auspicious day to buy gold, falls on April 30. The ongoing wedding season will continue till May end.
The yellow metal has spurted by Rs 22,650 per 10 grams, or nearly 29 per cent, since December 2024.
Meanwhile, silver prices remained flat at Rs 98,500 per kg on Tuesday.
“The new all-time-high attained by the yellow metal is primarily influenced by the rising tensions between President Trump and US Fed Chair Jerome Powell regarding the interest rate cut.
“Additionally, weakness in the US dollar following the tensions between Trump and Fed Chair Powell, and uncertainties around the US-China trade war are another crucial factors that has pushed gold price to a record high,” Colin Shah, MD, Kama Jewelry, said.
