New Delhi: Gold prices have crossed Rs 1 lakh for 10 grams in India as the yellow metal witnesses a record rally driven by uncertainties in global markets. Pure gold, those of 24 carats, now cost more than Rs 10,000 for a gram in all major cities, including Delhi, Mumbai, Kolkata, and Chennai.
In the US, gold futures gained 1.7% to $3,482.40 on Monday evening. President Donald Trump's criticism of Federal Reserve Chair Jerome Powell has sparked fears among investors, driving them towards safer assets like gold.
Gold Price In Different Indian Cities
24-carat gold costs Rs 10,150 per gram in Delhi and its neighbouring cities, Gurugram and Noida, according to goodreturns.com. But pure gold is not used in jewellery, and it may not be accounted for while calculating jewellery prices. For 22 carats, the price is a bit lower, around Rs 9,305 per gram. In Mumbai and Kolkata, the prices are marginally lower. While 24-carat gold costs Rs 10,135 per gram, 22-carat gold costs Rs 9,290.
Here are the prices of gold for 1 gram (24 carats) in different Indian cities
Delhi: Rs 10,150
Noida: Rs 10,135
Gurugram: Rs 10,135
Mumbai: Rs 10,135
Chennai: Rs 10,135
Bengaluru: Rs 10,135
Kolkata: Rs 10,135
Source: Goodreturns.com
Gold, which has long been a symbol of wealth, holds cultural significance in India. Indian celebrations are incomplete without gold. The yellow metal makes Indians feel secure, and they believe it would help overcome financial challenges during turbulent times. It acts as a hedge or protection net for investors.
However, global uncertainties over Trump's foreign policies have worried the markets, leading to a rally in safer assets like gold.
According to Tim Waterer, chief market analyst at KCM Trade, tariff worries and the friction between Trump and the Fed chief have left investors looking for safer assets, due to which gold has been able to capitalise on a weakening dollar.
His remark followed Trump's call to reduce interest rates as against Fed chief Powell's decision to keep it unchanged until there is more clarity on the impact of Trump's tariffs. The President has warned that the US economy could face a slowdown if rates are not cut.
The yellow metal crossed $3,400 on Monday having surpassed the $3,300-mark last Wednesday.
Source: NDTV