Blitz Bureau
NEW DELHI: Gold prices reached a historic milestone on April 22 as the rate of 24-carat gold touched Rs 1,00,000 per 10 grams for the first time ever, reported IANS.
According to the India Bullion and Jewellers Association (IBJA), the price rose sharply from Rs 96,670 to Rs 1,00,000 per 10 grams – a jump of Rs 3,300 within 24 hours.
Along with 24-carat gold, other categories also saw a steep rise. The price of 22-carat gold climbed to Rs 97,600 per 10 grams, 20-carat gold reached Rs 89,000 per 10 grams, and 18-carat gold touched Rs 81,000 per 10 grams.
On the Multi Commodity Exchange (MCX), October futures briefly went above the Rs 1 lakh mark and touched an all-time high of Rs 1,00,484 per 10 grams – gaining nearly Rs 2,000 or 2 per cent in a single day.
Experts say the sudden spike in gold prices is due to increased global demand for gold as a safehaven investment. “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 Fed rate cut,” said Colin Shah, MD, Kama Jewellery.
This demand has been driven by rising geopolitical tensions and ongoing global economic uncertainties. His recent comments and decisions, including imposing tariffs on Chinese goods and questioning the Fed’s policies, have added to market volatility. The weakening US dollar and interest rate cuts by the Federal Reserve have made gold, a nonyielding asset, more attractive to investors.
