Gold Nears ?1 Lakh per 10 Grams!

Gold prices continue to surge, hitting a new all-time high on Wednesday. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose by ?1,477 per 10 grams in the last 24 hours.

As per IBJA, the price of 24-carat gold increased by ?1,477 to ?94,579 per 10 grams, up from ?93,102 per 10 grams.

The price of 22-carat gold rose to ?92,310 per 10 grams, and 18-carat gold climbed to ?76,610 per 10 grams.

The spot market, along with the futures market, witnessed a surge in gold prices. On the Multi Commodity Exchange (MCX), the June 6, 2025, gold contract surged by 1.90% to ?95,435 per 10 grams.

In the international market, gold prices also remain at an all-time high, reaching $3,320 per ounce.

The rise in gold prices is attributed to global uncertainties. Additionally, the ongoing tariff war between the US and China is driving investors toward gold, considered a safe-haven asset, which is supporting the price surge.

Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities, stated that gold touched record highs due to concerns over escalating trade wars.

She further noted that former President Trump's latest policy moves are increasing nervousness among global investors.

Investors are now closely monitoring upcoming US retail sales data and Federal Reserve Chairman Jerome Powell’s speech scheduled for Wednesday.

Since the start of 2025, the price of 24-carat gold per 10 grams has risen by ?18,417, or 24%, from ?76,162 to ?94,579.

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