The gold rates in India surged to nearly Rs 1 lakh mark per 10 grams in the spot market ahead of Akshaya Tritiya and a sharp rally in the global markets.
The 24-karat gold jumped Rs 1,650 to Rs 99,800 per 10 grams in Delhi. A goods and services tax (GST) is also imposed in the retail market along with the making charges which takes the total buying price to over Rs 1 lakh.
On the multi commodity exchange or MCX, gold futures hit Rs 98,910 per 10 grams, marking a fresh all-time high for the June 5, 2025 expiry date.
Gold prices surged to new record highs globally, as investor demand for the safe-haven asset rose amid fresh concerns over political tensions in the United States. The rise followed U.S. President Donald Trump's criticism of Federal Reserve Chair Jerome Powell, which weakened market sentiment and pushed investors towards bullion.
Spot gold jumped 1.7 percent to $3,482.26 an ounce after hitting an all-time high of $3,494.66 earlier in the session. U.S. gold futures also gained, rising 2 percent to $3,492.60 an ounce.
"Gold rose to establish a new record high, helped by a lower US dollar and safe-haven purchasing amid global trade worries," said Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
US dollar sank to a two-year low after President Donald Trump launched a series of attacks against US Federal Reserve Chair Jerome Powell last Thursday, with his staff considering whether to replace Powell—a move that could have serious implications for the central bank’s independence and global markets.
“The ECB (European Central Bank) cut interest rates by 25 basis points, which supported gold prices. Gold is showing very high volatility, and only any positive talks on the US-China trade deal could limit the gains of precious metals. Otherwise, it could continue to show strength,” Kalantri added.
Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd noted "Gold has surged more than 30 percent this year as trade tensions have caused jitters in the markets boosting the demand for safe haven assets except for the Dollar Index which has plunged by more than 4 percent this year. Strong flows to bullion-backed exchange-traded funds and continued purchases by central banks have also supported the trend.
"Today, gold prices are likely to trade higher driven by concerns over the US President Donald Trump's criticism of Federal Reserve Chair Jerome Powell which has dampened risk sentiment," he added.
Gold Price Today, April 22
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
| Delhi | Rs 93,050 | Rs 1,01,500 |
| Mumbai | Rs 92,900 | Rs 1,01,350 |
| Chennai | Rs 92,900 | Rs 1,01,350 |
| Bengaluru | Rs 92,900 | Rs 1,01,350 |
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