Gold Price Today: In a historic surge, gold prices in India breached the Rs 1 lakh mark in the physical retail market on Tuesday, driven by heightened safe-haven demand amid global economic uncertainty and escalating US-China trade tensions. On the Multi Commodity Exchange (MCX), gold June futures skyrocketed to an all-time high of Rs 99,178 per 10 grams—rising nearly Rs 1,900 from the previous session.
After adding the 3% Goods and Services Tax (GST), the retail price of gold has crossed the significant psychological level of Rs 1 lakh per 10 grams in major cities like Delhi, Mumbai, Chennai, and Hyderabad. This spike underscores the growing investor appetite for precious metals as global currencies, particularly the U.S. dollar, show signs of weakness.
In Monday’s physical market trade, gold was priced at Rs 97,200 per 10 grams (excluding GST). However, with the inclusion of GST, the price comfortably surpassed the Rs 1 lakh threshold. Meanwhile, silver May futures also saw gains, opening 0.33% higher at Rs 95,562 per kilogram—a jump of Rs 315 from the previous close.
Market analysts attribute the bullish trend to a combination of safe-haven buying, a sliding dollar, and investor concerns over geopolitical developments. The U.S. Dollar Index (DXY), which measures the greenback against a basket of major currencies, fell to 98.12, its lowest in three years—down by 0.16%. The disagreement between the U.S. President and the Federal Reserve Chairman over interest rate cuts added further pressure on the dollar, making gold an attractive investment.
“Uncertainty in the global financial markets and the ongoing US-China trade war continue to support the prices of precious metals. We anticipate further volatility in both gold and silver this week, especially as the dollar index remains unstable,” said Manoj Kumar Jain of Prithvifinmart Commodity Research in a statement to the Economic Times.
While silver prices also made gains, they faced resistance and slightly pulled back due to profit booking in industrial metals. However, both metals are expected to retain strong support levels—$3,200 for gold and $29.88 per troy ounce for silver—over the coming days.
As gold and silver continue their upward march, investors are keeping a close watch on geopolitical developments, inflation trends, and central bank policies across the globe. The combination of these macroeconomic triggers may continue to influence metal prices, making them a focal point for market watchers and retail buyers alike.
