Gold prices scaled unprecedented heights on Monday (April 21) evening, breaching the Rs 1 lakh per 10-gram milestone in India’s physical market for the first time. The 24-karat (999 purity) gold was recorded at Rs 97,200 per 10 grams, and with the addition of 3% Goods and Services Tax (GST), the price reached Rs 1,00,116, according to a report by Economic Times.
The surge in prices reflects both strong global cues and domestic buying momentum, marking a gain of over Rs 20,800 per 10 grams in 2025 so far — a rise of more than 26%.
At around 6:45 PM, MCX’s June gold contract hit a record of Rs 97,288 per 10 grams, up Rs 1,946 or 2.04% from its previous close on Thursday, April 17. Markets were shut on Friday, April 18, due to Good Friday.
Global factors played a key role in the rally. COMEX gold hovered at $3,407.30 per troy ounce, marking a jump of $78.90 or 2.37%. A steep drop in the US dollar index (DXY), now below 99, contributed to the bullish trend. The DXY has declined nearly 6% over the past month and more than 10% in the last three months, boosting gold's appeal as an alternative investment.
Analysts link the spike to heightened global tensions and fears of an economic downturn. “Concerns over global economic growth as a result of the escalating Sino-US trade war are driving the rise, with a weaker dollar adding to the momentum,” said Renisha Chainani, Head of Research at Augmont, told ET.
She further told the publication, “Markets are pricing in increased geopolitical risks, fueled by US trade tensions and stagflation concerns, while persistent central bank demand adds to price pressures.”
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