Gold prices in India crossed the mind-boggling Rs 100,000 mark for the first time ever in its history, on Tuesday, April 22. The 24K gold in the majority of metro cities is now at Rs 101,350 per 10 grams. These cities include Chennai, Mumbai, Kerala, Kolkata, Hyderabad, and Pune. While in cities like Ahmedabad and Vadodara, 10 grams gold is priced at Rs 101,400 in 24K. But the most expensive gold is offered by 7 cities, which are in the north region. Check out who they are.
On Tuesday, 100 grams gold price skyrocketed by a breathtaking Rs 30,000 to Rs 10,13,500 in 24K, while 10 grams gold price climbed by Rs 3,000 to Rs 1,01,350. Similarly, 100 grams and 10 grams of gold prices skyrocketed by Rs 27,500 and Rs 2,750 to Rs 9,29,000 and Rs 92,900 in 22K. Also, 100 grams and 10 grams of gold prices zoomed by Rs 22,500 and Rs 2,250 to Rs 7,60,100 and Rs 76,010 respectively, in 18K.
These prices were in cities like Kolkata, Bangalore, Hyderabad, Kerala, Chennai, Pune, Mumbai, Vijayawada, Nagpur, Bhubaneswar, Mangalore, Visakhapatnam, and Mysore among others. But seven cities offer the most expensive gold:
These are:
These cities are offering the highest gold price compared to others.
Gold prices in India have zoomed by nearly 6% in April so far.
What Is Driving Gold Prices Currently?
As per Rahul Kalantri, VP of Commodities, Mehta Equities, gold and silver showed very high price volatility amid uncertainty in the global markets. The dollar index slipped to 3-year lows after the U.S. President and Fed Chairman's tussle over interest rate cuts. Instability in the U.S. dollar increased the safe-haven bid for gold. The US-China trade war has also increased safe-haven demand for gold. Silver prices also gained in the early trading session but due to profit taking in the industrial metals prices off day highs.
Furthermore, Kalantri added that gold prices crossed $3,400 per troy ounce levels in the international markets for the first time and also MCX gold crossed 97,000 levels in the domestic markets. Uncertainty in the global financial markets and the escalating US-China trade war continue to support prices of precious metals.
Moreover, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, gold began the week on a weaker note after President Trump announced exemptions on tariffs for smartphones, computers, and other electronics, mainly imported from China. However, losses were limited after Commerce Secretary Howard Lutnick suggested that key tech products currently exempt, including semiconductors, could face separate duties within the next one to two months.
Chainwala also said, further supporting the rally, Chinese gold ETFs recorded inflows of 29.1 metric tons in the first 11 days of April. Meanwhile, the Federal Reserve issued a warning that tariffs could threaten its dual mandate of maintaining stable prices and full employment, which further strengthened gold's safe-haven appeal.
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