Gold prices in India reached an all-time high of ₹1,01,600 per 10 grams on Tuesday. This rise came just before the start of the wedding season and Akshaya Tritiya, both of which are peak periods for buying gold. The jump in prices was driven by strong demand from jewellers and stockists, as well as rising global concerns that made gold a preferred safe investment.
The All India Sarafa Association confirmed that the price of gold with 99.9% purity rose by ₹1,800 from ₹99,800 on Monday to ₹1,01,600 per 10 grams. This is the highest rate ever recorded in Indian markets.
Gold with 99.5% purity saw an even sharper increase. Its price jumped by ₹2,800 to touch ₹1,02,100 per 10 grams on Tuesday, compared to ₹99,300 in the previous session.
Akshaya Tritiya, which falls on April 30 this year, is considered an extremely lucky day to buy gold. Along with the ongoing wedding season, which runs through May, this festival has led to a sharp increase in gold buying.
Over the past few months, gold has become much more expensive. Since December 2024, the price of gold has gone up by ₹22,650 per 10 grams — that’s a rise of nearly 29%.
Apart from local demand, global issues are also pushing up gold prices. Investors around the world are turning to gold because of economic uncertainties, including a political standoff in the US between President Donald Trump and the Federal Reserve Chairman Jerome Powell. Their disagreement on interest rate policies is affecting the dollar, making gold more attractive.
A weak US dollar means gold becomes cheaper in other currencies. This often leads to more demand worldwide, keeping the prices up.
Colin Shah, the Managing Director of Kama Jewelry, said tensions between Trump and Powell, and the uncertain future of the US-China trade relationship, are big reasons behind the gold rally. He added that festivals like Akshaya Tritiya always lift demand for gold in India due to its emotional and cultural value, no matter how high the price goes.
In India, it's common for people to invest in gold during festivals and family celebrations. That tradition, combined with concerns about the global economy, has helped drive prices to new heights.
On Tuesday, gold futures contracts also hit record levels on the Multi Commodity Exchange (MCX). The most-traded June contract rose by ₹2,079 or 2.14%, reaching ₹99,358 per 10 grams. Later, the price settled at ₹98,450, which was still up by ₹1,171 or 1.2%, with 21,899 open contracts.
Gold futures for August also climbed, hitting ₹1,00,000 per 10 grams. The October contract touched ₹1,00,500, rising by ₹2,016 or 2.05%.
In international markets, gold also hit new highs. Spot gold rose by USD 75.55 (2.2%) to reach USD 3,499.92 per ounce. Later, it slightly came down to USD 3,466.93 per ounce, still a significant gain of USD 42.56 or 1.24%.
Meanwhile, gold futures on Comex, a major global exchange for commodities, increased by USD 83.76 or 2.44% to go past the USD 3,500 mark for the first time ever.
Experts say the rally is due to multiple factors — including the weakening of the dollar, concerns over tariffs, and the ongoing power struggle between Trump and Powell. Investors see gold as a safer bet during such uncertain times.
Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities, said fears about upcoming trade deals and warnings from China are also encouraging investors to move their money into gold. These geopolitical issues are making gold even more popular as a hedge — something people buy to protect their wealth in times of trouble.
Chainwala added that markets are now looking ahead to upcoming statements from US Federal Reserve officials. These speeches could give investors a better idea of what direction US monetary policy is heading in.
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Silver, on the other hand, stayed flat. In Indian markets, it was priced at ₹98,500 per kilogram. In the Asian international markets, spot silver traded at USD 32.70 per ounce without any major movement.
For now, gold is likely to remain in high demand in India due to the festival and wedding seasons. The strong cultural value of buying gold on days like Akshaya Tritiya means many people will continue to purchase it — even with prices at record highs.
At the same time, global political and economic developments could keep pushing prices higher in the near future. Investors are closely watching not just the US central bank, but also the future of US-China trade talks and any other signs of trouble in world markets.
Gold is now not just a traditional purchase in India, but also a reflection of global fear and financial planning. With prices at lifetime highs, it remains to be seen how long the demand can stay this strong — especially if buyers begin to find the cost too steep.
Still, for now, gold continues to shine brighter than ever, driven by tradition, emotion, and the search for stability in an uncertain world.
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