Gold Hits Record ₹99,178 on MCX, Retail Prices Cross ₹1 Lakh Mark
Gold prices reached new heights on Tuesday as June futures on the Multi Commodity Exchange (MCX) surged to ₹99,178 per 10 grams—an increase of nearly ₹1,900 from the previous session. In retail markets, prices have breached the ₹1 lakh mark after including 3% GST.
Silver also followed the upward trend. May futures opened at ₹95,562 per kilogram, marking a 0.33% rise and a gain of ₹315 from the last trading day.
The sharp rise in precious metals comes amidst heightened global market uncertainty. A weakening US Dollar Index (DXY)—which fell to a three-year low of 98.12—has driven more investors toward safe-haven assets like gold. Tensions between the US President and the Federal Reserve over interest rate cuts have only added to the volatility.
Experts anticipate continued fluctuation in prices. “We expect gold to stay supported at $3,200 per ounce and silver near $29.88, as US-China trade tensions and currency volatility continue,” one analyst said.
Silver initially rose but later pulled back due to profit-taking in the industrial metals segment. Despite this, it still closed higher in both domestic and global markets.
Retail gold rates crossed ₹1 lakh per 10 grams due to the 3% GST, even though prices in the physical market stood at ₹97,200 (pre-GST) on Monday.
In the previous session, gold June futures closed at ₹97,279 per 10 grams, a 2.13% increase, while silver May futures settled at ₹95,247 per kilogram, up 0.22%.
City-wise Physical Gold Rates (Per 8 Grams):
Mumbai
- 22K: ₹57,496
- 24K: ₹61,264
Hyderabad
- 22K: ₹56,896
- 24K: ₹60,640
Delhi
- 22K: ₹57,184
- 24K: ₹60,984
Chennai
- 22K: ₹56,912
- 24K: ₹60,632
The rising demand for gold is also being driven by continued US-China trade friction, adding more momentum to its safe-haven appeal. Meanwhile, silver’s performance reflects mixed trends, with gains partially offset by investor profit-booking.
