Gold Prices Hit Record High of ₹96,805 — Eyes Set on ₹1 Lakh Mark as Global Tensions Rise

New Delhi, April 21:

Unstoppable and glittering — gold prices in India continued their relentless rally on Monday, scaling yet another milestone. June futures on the Multi Commodity Exchange (MCX) surged by ₹1,500 or 1.4%, hitting a new all-time high of ₹96,747 per 10 grams, before inching further up to touch ₹96,805. This unstoppable momentum has put the yellow metal firmly on track to breach the psychologically significant ₹1 lakh mark in the near future.

By 1:30 pm, the ‘MCX Gold June 5’ contract was trading at ₹96,830, reflecting a 1.65% gain. Spot gold prices in India also surged in tandem. According to the India Bullion and Jewellers Association (IBJA), 24-karat (999 purity) gold was priced at ₹9,659 per gram, while 22-karat gold stood at ₹9,427 per gram.

A Global Glint: Record Highs Around the World

India’s gold boom mirrored international trends, where spot gold hit a record $3,384 per ounce. The surge is largely driven by investor demand for safe-haven assets amid growing global risks and a weakening US dollar. As the dollar index dropped to a three-year low, gold — priced in dollars — became cheaper and more attractive for investors holding other currencies.

Trade War Tensions Spark Flight to Safety

The latest catalyst in gold’s upward spiral is the rising tension between the United States and China, which has renewed fears of a prolonged trade war. Investors are increasingly seeking refuge in gold, a traditional hedge against economic uncertainty, inflation, and geopolitical instability.

This growing unease is causing a noticeable shift in global asset allocation strategies — pushing both institutional and retail investors toward the glittering security of bullion.

Volatility Sparks Fresh Buying

Interestingly, gold’s sharp uptick follows a brief correction. In the previous trading session, MCX gold dipped by 0.44% to ₹95,239 per 10 grams due to profit booking. However, the dip was short-lived as fresh buying emerged at lower levels, adding fuel to the ongoing bull run.

On Track for ₹1 Lakh?

With domestic and global fundamentals aligning in favor of gold, the market consensus points toward a likely breach of the ₹1 lakh per 10 grams mark — a new historic benchmark for Indian bullion.

Conclusion: The Gold Rush 2.0

Whether it’s soaring global demand, a weak dollar, or intensifying geopolitical risks — all roads currently lead to gold. As prices scale new peaks almost daily, investors are watching with awe as the yellow metal charts what many are calling the Gold Rush 2.0.

The question isn’t if gold will hit ₹1 lakh — it’s when.

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