Gold crosses ₹1 lakh mark as global uncertainty fuels safe-haven demand

DHARAMSHALA: Gold prices in India have hit an all-time high, surpassing ₹1 lakh per 10 grams for 24-carat gold, driven by escalating global market uncertainties and rising demand for safe-haven assets.
The precious metal’s rally comes amid mounting concerns over US monetary policy, geopolitical tensions and economic slowdown fears.

24 carat gold breaches ₹10,000 per gram

According to a report, the price of 24-carat gold surged beyond ₹10,000 per gram across major Indian cities.
In Delhi, 24-carat gold is trading at ₹10,150 per gram, while in Mumbai, Chennai, Bengaluru and Kolkata, it hovers around ₹10,135.
This form of gold, known for its purity, is typically favoured for investment rather than jewellery making, which predominantly uses 22-carat gold. Prices for 22-carat gold currently stand at ₹9,305 per gram in Delhi and ₹9,290 in Mumbai and Kolkata.

Gold contracts hit record highs on MCX

On the Multi Commodity Exchange (MCX), the rally has been nothing short of historic. The most actively traded June futures surged by ₹1,899 or nearly 2%, peaking at ₹99,178 per 10 grams during early trade.
The contract later moderated to ₹98,880, still up ₹1,601 or 1.65%, with 22,687 open lots.
The August futures also saw a sharp spike, gaining ₹1,848 (1.89%) to hit ₹99,800 per 10 grams. For the first time ever, the October contract smashed past the ₹1 lakh milestone, touching ₹1,00,484 per 10 grams, rising ₹2,000 or 2%.

Global surge triggered by US policy concerns

Internationally, gold futures hit a new high of USD 3,504.12 per ounce before slightly retreating to USD 3,490.72, still up by 1.91%.
Analysts attribute the sharp rise to ongoing global economic uncertainties, particularly those linked to the US economy.
US President Donald Trump’s recent push to overhaul the Federal Reserve and his repeated calls for interest rate cuts have unsettled financial markets.

Sunil Chadha