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.
New Delhi: Gold prices surged by Rs 1,800 to zoom past the psychological mark of Rs 1 lakh per 10 grams in the national capital on Tuesday, i.e. on April 22, 2025. The sharp surge comes amid buying rush by local jewellers and stockists in anticipation of increased demand during Akshaya Tritiya – considered the most auspicious day to buy gold – and the wedding season. This year, Akshaya Tritiya falls on April 30. The ongoing wedding season will continue till May end.
The surge in price of the precious metal is also because of global macroeconomic uncertainties that have fueled a 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.
The yellow metal has gained 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.
“Predictions for gold to reach $4000 globally highlight sustained demand driven by investment buying and government interest. Temporary corrections and profit booking have occurred but haven’t slowed the bullish momentum. India’s gold imports climbed to 802 tonnes in 2024 from 741 tonnes in 2023, reflecting strong market activity despite occasional dips. Jewellers are enticing customers with attractive offers, especially during the wedding season and ahead of Akshaya Tritiya. This festival, celebrated as a particularly auspicious time for gold purchases, is expected to further boost demand, making this a golden opportunity for buyers to secure investments before prices escalate further,” said Rajesh Rokde – Chairman of All India Gem and Jewellery Domestic Council (GJC).
While the gold price is on an upward trajectory, the fall in US dollar will make gold affordable in other currencies, keeping the demand-price dynamics balanced.
