Gold prices in India continued on their record-breaking rally with 24K gold hitting a new lifetime high of Rs 98,350 per 10 grams. While MCX gold price crossed Rs 96,000 per 10 grams mark for the first time, even getting expensive than silver. Looking ahead, on April 22, the yellow metal will continue to find support from tariff tensions, concerns related to US economic prospects, and its debt crisis.
On Monday, 100 grams gold price surged by Rs7,700 in 24K to a new high of Rs 9,83,500 in cities like Chennai, Kerala, Mumbai, Pune, Hyderabad, Kolkata, and Bangalore. 10 grams of gold also soared by Rs 770 to hit a new record of Rs 98,350 in the same carat.
Further, 100 grams gold price jumped by Rs 7,000 in 22K in these cities to Rs 9,01,500. Meanwhile, 10 grams of the same carat crossed Rs 90,000 for the first time, by hitting a new lifetime high of Rs 90,150.
Moreover, 18K gold in these metro cities surged by Rs 5,700 to Rs 737,600 in 100 grams and climbed by Rs 570 to Rs 73,760 in 10 grams. These are its all-time high prices.
1KG silver price in Indian cities surged by Rs 1,000 to Rs 1,01,000 on Monday. This price was in cities like Delhi, Mumbai, Bangalore, Kolkata, Pune and Ahmedabad. But 1 kg silver was available at Rs 1,11,000 in cities like Chennai, Kerala and Hyderabad.
MCX Gold Price, Spot Gold Price:
During the trading session of April 21, MCX gold with June 2025 expiry, touched a new all-time high of Rs 96,747 per 10 grams.
Meanwhile, as per Trading Economics, gold jumped over 2.5% to a record high above $3,420 per ounce as investors sought safety amid rising uncertainty. The US dollar dropped to a three-year low after President Trump ramped up pressure on the Federal Reserve, calling for aggressive rate cuts and reportedly considering removing Fed Chair Powell. Fears of political interference in monetary policy have shaken confidence in the dollar. At the same time, Trump's tariff threats - including a new probe into critical mineral imports - have added to worries about slower growth and rising inflation. Together, these factors have driven strong safe-haven demand for gold, which is now up 30% this year.
What Will Impact 24K, 22K, and 18K Gold Rates In India On Tuesday?
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying. Comex gold approached the $3,400 mark, trading near $3,395, while MCX gold surged to ₹96,775, registering fresh all-time highs.
He added that the rally is being supported by escalating tariff tensions, concerns over the US economic outlook, and the looming US debt crisis. Continued buying from China, global central banks, and institutional investors has added momentum to the bullish sentiment.
"Technically, as long as Comex holds above $3,250 and MCX above ₹91,000, the uptrend remains intact. Any dips towards ₹93,000 in MCX may offer fresh buying opportunities. However, given the elevated levels, speculators are advised to maintain low-risk positions to manage potential volatility," Trivedi added.
According to NS Ramaswamy, Head of Commodities at Ventura, the rally is largely driven by renewed uncertainty surrounding U.S. monetary policy, after President Donald Trump unveiled plans to overhaul the Federal Reserve. The criticism of the Federal Reserve by President Donald Trump has shaken the investor confidence pushing the dollar sharply lower and catapulting safe-haven gold to a record high.
These are stoking concerns about the independence of the Fed, sending ripples through financial markets. US Dollar (three-year low) and the risk-on equity markets take a beating while Gold stands to benefit, Ramaswamy said.
Further, Ventura expert said, gold prices recent climb is also driven by escalating geopolitical risks, strong central bank demand, and persistent inflation concerns. There are heightened tensions on the Russia-Ukraine front too. This new layer of uncertainty is complicating the path ahead for the US Fed decision on the interest rates.
"The short-term rally remains debatable beyond $3500. However, the longer-term underlying bullish strength could well surpass $3500 and scale unpredictable highs. Every price correction could well see only higher lows with supports seen at $3280, $3150 and $3080," Ventura expert added.
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