Gold Prices At New Record On April 21; MCX Gold Is Expensive Than Silver, Rs 3,253 Away From Rs 1 Lakh; BUY?

Gold prices in India skyrocketed to hit a new record high on Monday, April 21, with MCX gold price nearing Rs 96,800 per 10 grams. MCX gold is now expensive than MCX silver which is currently around Rs 95,000 per 1kg mark. Meanwhile, 100 grams and 10 grams of gold in 24K shot up to new peaks of Rs 9,83,500 and Rs 98,350 respectively. MCX gold is less than Rs 3,300 away from hitting its Rs 1,00,000 mark, which will be for the first time.

Gold Prices In India:

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 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 7,37,600 in 100 grams, and climbed by Rs 570 to Rs 73,760 in 10 grams. These are its all-time high prices.

Silver Prices In India:

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 1Kg silver was available at Rs 1,11,000 in cities like Chennai, Kerala and Hyderabad.

MCX Gold, Silver Prices: The GAP!

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. Currently, the bullion traded near its peak, to Rs 96,600 per 10 grams, up by 1.41%. In a single-day, MCX gold price zoomed by a whopping Rs 1,493 from previous losing price of Rs 95,254 per 10 grams.

At the new record high, MCX gold is now away by Rs 3,253 from Rs 1,00,000 mark.

Not just that, MCX gold is expensive than silver prices. On Monday, MCX silver traded at Rs 95,964 per 1kg, which is up by 1%. Silver is at its intraday high, but cheaper than gold.

Spot Gold Price:

Spot Gold is steadily racing to hit its $3,400 an ounce mark. On Monday, spot gold rose over 1% to hit new record high of $3385.96 an ounce.

What Is Driving Gold Prices?

Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services said, Gold touched a record high as the dollar sank to a three-year low and trade war concerns between the United States and key trading partners stirred recession fears, making investors lean towards the safe-haven asset. The dollar index hit a three-year low, hovering below 99 mark supporting bullion, while US 10Y yield stays firm at 4.3%. Over the weekend, a Boeing jet intended for use by a Chinese airline landed back at the plane maker's U.S. production hub, a victim of the tit-for-tat bilateral tariffs launched by U.S. President Donald Trump in his global trade offensive. Last week, Trump ordered a probe into the potential new tariffs on all U.S. critical minerals imports, a major escalation in his dispute with global trade partners and an attempt to pressure industry leader China.

Modi added, over the weekend, US tried to ease pressure down with Iran, however tensions between Russia and Ukraine continue to take shape. China also launched major military drills near Taiwan, increasing overall uncertainties. The demand for physical gold was tepid in India last week as a blistering price rally curbed purchases, while premiums held firm in top consumer China. Focus this week will be on preliminary manufacturing and Services PMI from major economies, IMF meeting, comments from Fed officials and US durables goods orders data.

Should You Buy Gold, Silver?

As per technical report of Nirmal Bang dated April 21, gold prices are expected to rise. One can buy at 96700 with a stop loss of 96400 for the target at 97100-97400.

On silver, Nirmal Bang said, silver prices are expected to pullback. One can buy at 95200 with a stop loss of 94500 for the target at 96000-96500. Traders can also sell from 96500 with a stop loss of 97200.

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.