Gold hits new record high, crosses Rs 94,000 for first time
PTC Web Desk: Gold prices in India surged to a new all-time high on April 16, crossing the Rs 94,000 mark for the first time. According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold rose by Rs 1,387 to reach Rs 94,489, up from the previous rate of Rs 93,102. Silver prices also witnessed an uptick, increasing by Rs 373 to Rs 95,403 per kg from Rs 95,030. Notably, silver had earlier touched a peak of Rs 1,00,934 on March 28, while gold reached Rs 93,353 on April 11.
Experts attribute the rise in gold prices to three major factors. Firstly, growing concerns over a potential global economic slowdown, fueled by the United States' tariff policy and escalating trade tensions, have prompted investors to seek refuge in gold, traditionally seen as a safe-haven asset. Secondly, the Indian rupee's depreciation of nearly 4% against the US dollar has increased the cost of gold imports, thereby pushing up prices domestically. Lastly, the upcoming wedding season has boosted demand for gold jewellery, particularly in cities like Mumbai, Delhi, and Chennai, where jewellers report steady sales despite elevated prices.
Gold prices vary across major cities. In Delhi, 10 gm of 22-carat and 24-carat gold are priced at Rs 88,300 and Rs 96,320 respectively. In Mumbai, the rates stand at Rs 88,150 and Rs 95,180, while in Kolkata and Chennai, the price for 24-carat gold is Rs 96,170 for 10 gram. In Bhopal, 24-carat gold is priced slightly higher at Rs 96,220 per 10 gram.
Since the beginning of 2025, gold has become Rs 18,327 more expensive, rising from Rs 76,162 to Rs 94,489 per 10 gram. Similarly, silver has seen an increase of ?9,386 per kg, up from Rs 86,017 at the start of the year. In comparison, gold prices had increased by Rs 12,810 throughout the year 2024
- With inputs from agencies
