Gold Prices Soar Past ₹1 Lakh in Physical Market; Near ₹99,200/10g on MCX
Gold prices soared the day before on April 21st the physical gold rate in India reaching the Rs 1 lakh mark for the first time in history.
Gold Prices Soar Past ₹1 Lakh in Physical Market; Near ₹99,200/10g on MCX
Making history, the gold futures contract that are due for delivery in the Gold June futures Multi Commodity Exchange (MCX) went up to more than Rs97,000 per 10 grams. In conjunction with a 3.3% Goods and Services Tax (GST) on the yellow metal, gold prices in physical form increased to above Rs1,00,100 in the session. Gold prices have risen by more than 26%, which is more than the threshold of Rs20,800 for 10 grams to date in 2025.
At 6:45pm in the evening on Monday MCX prices for gold rate today climbed up to Rs97,200 for 10 grams which is up by 1,946, or 2.04 percent, as compared to the previous closing on Thursday.
The markets for Bullion were closed on the Friday of April 18 to celebrate the occasion on Good Friday.
The gold prices in Delhi rose from Rs1,650 to a record-high of Rs99,800 per 10 grams (99.9 percent quality) on Monday, following a close at Rs98150 on Friday as per the All India Sarafa Association.
The prices of silver in the domestic market also climbed on Monday, increasing by between Rs500 and Rs98,500 per kilogram. Silver May futures in the spot market in the Asian market hours increased by 1 percent and reached $32.85 each ounce.
Gold prices have been in an upward trend in both international and domestic markets amid an intensifying trade war between the two countries and the weakening of the dollar. The US dollar dropped to a record low of three years on Monday, boosting the demand for gold as a safe-haven.
Because gold is a safe investment, it is a good choice when other investments are risky because of volatility. The current state of affairs is that markets are tense and inflation is increasing. The threat of stagnation and the possibility of recession keep market participants on edge with the escalating tensions between two superpowers that are that is, the US in addition to China.
In addition, the anticipated celebration of the gold market in India as well as the rising demand for gold ETFs from investors, has boosted the demand for the precious metal more.
