Gold is at a touching distance from the magic Rs 1 lakh mark in the physical market with the last recorded price of 24 karat (999) at Rs 96,590 per 10 grams. A 3% Goods and Services Tax (GST) takes the prices to Rs 99,488.
The yellow metal prices continued their winning ways on Monday, as the MCX June gold contracts hit a fresh lifetime high of Rs 96,875 per 10 grams.
Around 2 pm today, MCX gold rate for 10 grams stood at Rs 96,566, a surge of Rs 1,312 or 1.4% over the last trading price on Thursday. Markets were closed on Friday on account of Good Friday.
Gold prices have surged 26% or by Rs 19,800 per 10 gram in 2025, so far.
Domestic prices mirrored the gains in the international market as the COMEX gold hovered near $3,389.60 per troy ounce, jumping by $61.20 or 1.84%.
Gold bulls have been unleashed owing to weakness in the dollar index (DXY), which has now slipped below the 99 mark against a basket of six top currencies. DXY has fallen nearly 6% in the past month, extending declines to more than 10% over 3 months.
Gold prices remain inversely related to the movement of the dollar index and are used as hedges in times of uncertainty. Investors and global Central Banks have preferred gold over the greenback amid President Donald Trump’s tariff policies, which have strained relations even with traditional allies of the US.
While reciprocal tariffs have been deferred by three months for the rest of the world, China remains under the hammer. The dragon nation has retaliated with its own set of tariffs and measures, stoking fear of a global slowdown. This has raised safe haven appeal in the yellow metal.
"Gold prices reached a record high of $3,397 on exchanges and nearly Rs 1 lakh in the spot market after adding 3% GST. 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," Renisha Chainani, Head - Research at Augmont, said.
“Fundamentally, markets are pricing in increased geopolitical risks, fueled by U.S. trade tensions and stagflation concerns, while persistent central bank demand adds to price pressures. On April 2, US President Donald Trump imposed reciprocal tariffs on dozens of countries, and while his administration has suspended duties for some, it has escalated its trade war with China,” he said.
Meanwhile, China also issued a caution on Monday, asking countries not to strike a bigger economic deal with the United States at its expense.
Also Read: Gold feasts on dollar, soars 26% in 2025 vs 10% drop in greenback—Rs 1 lakh now just about time
Tech tracker
Chainani sees the next potential milestone for gold at around $3,500 (Rs 100,000 on MCX) if the current rally continues, though he cautions that its positioning is dicey in the short term, with technical indicators suggesting overbought conditions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
The yellow metal prices continued their winning ways on Monday, as the MCX June gold contracts hit a fresh lifetime high of Rs 96,875 per 10 grams.
Around 2 pm today, MCX gold rate for 10 grams stood at Rs 96,566, a surge of Rs 1,312 or 1.4% over the last trading price on Thursday. Markets were closed on Friday on account of Good Friday.
Gold prices have surged 26% or by Rs 19,800 per 10 gram in 2025, so far.
Domestic prices mirrored the gains in the international market as the COMEX gold hovered near $3,389.60 per troy ounce, jumping by $61.20 or 1.84%.
Gold bulls have been unleashed owing to weakness in the dollar index (DXY), which has now slipped below the 99 mark against a basket of six top currencies. DXY has fallen nearly 6% in the past month, extending declines to more than 10% over 3 months.
Gold prices remain inversely related to the movement of the dollar index and are used as hedges in times of uncertainty. Investors and global Central Banks have preferred gold over the greenback amid President Donald Trump’s tariff policies, which have strained relations even with traditional allies of the US.
While reciprocal tariffs have been deferred by three months for the rest of the world, China remains under the hammer. The dragon nation has retaliated with its own set of tariffs and measures, stoking fear of a global slowdown. This has raised safe haven appeal in the yellow metal.
"Gold prices reached a record high of $3,397 on exchanges and nearly Rs 1 lakh in the spot market after adding 3% GST. 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," Renisha Chainani, Head - Research at Augmont, said.
“Fundamentally, markets are pricing in increased geopolitical risks, fueled by U.S. trade tensions and stagflation concerns, while persistent central bank demand adds to price pressures. On April 2, US President Donald Trump imposed reciprocal tariffs on dozens of countries, and while his administration has suspended duties for some, it has escalated its trade war with China,” he said.
Meanwhile, China also issued a caution on Monday, asking countries not to strike a bigger economic deal with the United States at its expense.
Also Read: Gold feasts on dollar, soars 26% in 2025 vs 10% drop in greenback—Rs 1 lakh now just about time
Tech tracker
Chainani sees the next potential milestone for gold at around $3,500 (Rs 100,000 on MCX) if the current rally continues, though he cautions that its positioning is dicey in the short term, with technical indicators suggesting overbought conditions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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