Hyderabad: Gold prices in India have reached an all-time high, with the cost of 10 grams of 24-carat gold crossing ₹1 lakh, including taxes. This marks the first time gold has touched this level in the country. The surge in prices is attributed to factors such as the ongoing trade tensions between the US and China and the weakening of the US dollar, which have led investors to seek refuge in gold.
On Monday, the international price of gold rose to $3,405 per ounce, driving domestic prices to ₹1 lakh per 10 grams. By 5:30 PM, the price reached ₹1,00,016 before slightly dipping to ₹99,900. Compared to the previous Friday’s closing, this represents an increase of nearly ₹2,000.
Since the beginning of the year, the price of gold has risen by more than ₹20,000. On December 31, gold was priced around ₹79,000, and in just over three months, it has increased by 26%. Meanwhile, silver prices are also approaching ₹1 lakh per kilogram, with silver currently priced at ₹99,299.
In the Multi Commodity Exchange (MCX), the price of 10 grams of gold surpassed ₹96,000 for the first time. June delivery contracts saw a significant increase, with gold rising by ₹1,621 in a single day, reaching a peak of ₹96,875. Analysts predict that this upward trend is likely to continue until trade relations between the US and China stabilize.