Mumbai: Gold prices in India skyrocketed to an unprecedented high on Tuesday, breaching the Rs 1 lakh per 10 grams milestone for the first time in history.
The price of 24-carat gold surged by Rs 1,650, touching Rs 99,800 per 10 grams in Delhi in a single day. The retail price crossed Rs 1 lakh, including a 3% GST and making charges.
This surge occurred as investors flocked to safe-haven assets, after US President Donald Trump announced Federal Reserve reforms amid escalating global trade tensions. Gold has long been regarded as a hedge against inflation and global economic uncertainty, serving as a favoured safe-haven asset during market volatility.
“Gold rose to establish a new record high, helped by a lower US dollar and safe-haven purchasing amid global trade worries,” Money Control reported, quoting Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
On Monday, gold June futures on multi commodity exchange (MCX) hit a fresh all-time high of Rs 99,178 per 10 grams, up nearly Rs 1,900 from the previous close.
In his reaction, Zoho founder and CEO Sridhar Vembu hailed the Indian housewife as the smartest fund manager. “Indians’ love of gold and a corresponding distrust of paper assets is the foundation of our long-term stability and civilisational continuity,” he wrote.
“Uday Kotak hails Indian housewife as the smartest fund manager as gold hits ₹1 lakh”
I agree wholeheartedly with Uday Kotak-ji. Indians’ love of gold and a corresponding distrust of paper assets is the foundation of our long term stability and civilizational continuity.…
— Sridhar Vembu (@svembu) April 22, 2025
The sharp price hike, however, has dampened retail enthusiasm ahead Akshaya Tritiya, considered auspicious for gold purchases.
Prices of gold in Bhubaneswar are as follows:
24 Carat Gold: Rs 101,350 per 10 grams
22 Carat Gold: Rs 92,900 per 10 grams
18 Carat Gold: Rs 76,010 per 10 grams
