New Delhi:
Gold prices for 10 grams in India have crossed Rs 1 lakh as yellow metal witnesses a record rally run by uncertainties in global markets. Pure Gold, 24 carats, now priced more than Rs 10,000 for one gram in all major cities including Delhi, Mumbai, Kolkata and Chennai.
In the US, gold futures rose 1.7% to $ 3,482.40 on Monday evening. Federal Reserve President Jerome Powell’s criticism by President Donald Trump has expressed apprehension among investors, extending them towards a safe property like gold.
Gold price in various Indian cities
According to Goodreturns.com, the price of 24-carat gold costs Rs 10,150 per gram in Delhi and the cost of its neighboring cities, Gurugram and Noida. But pure gold is not used in jewelery, and it cannot be accounted for when calculating the prices of jewelery. For 22 carats, the price is slightly lower, about Rs 9,305 per gram. In Mumbai and Kolkata, prices are slightly low. While the cost of 24-carat gold was Rs 10,135 per gram, 22 carat gold costs Rs 9,290.
There are gold prices for 1 gram (24 carats) in various Indian cities.
- Delhi: Rs 10,150
- Noida: Rs 10,150
- Gurugram: Rs 10,150
- Mumbai: Rs 10,135
- Chennai: Rs 10,135
- Bengaluru: Rs 10,135
- Kolkata: Rs 10,135
Source: Goodreturns.com
Gold, which has been a symbol of wealth for a long time, holds cultural significance in India. The Indian celebrations are incomplete without gold. The yellow metal makes Indians feel safe, and believes it will help remove financial challenges during turbulent times. It acts as a hedge or protection net for investors.
Trump tariff factor
Global uncertainties on Trump’s foreign policies have worried the markets, causing a rally in a safe property like gold.
According to Tim Waters, the main market analyst in KCM trade, tariff concerns and friction between Trump and Fed chief have left investors in search of safe property, due to which gold is capable of capitalizing a weak dollar.
His remarks kept it unchanged against Fed Chief Powell’s decision to reduce the interest rates after Trump’s call until Trump has much clarity on the impact of the tariff. The President has warned that the US economy can face recession if rates are not cut.
Yellow metal crossed $ 3,400 on Monday, which overtaken $ 3,300-Aank on Wednesday.
