Gold prices have been rising sharply, reaching new records both in India and globally. On Thursday, MCX Gold June 5 contracts hit ₹95,935 per 10 grams, while Comex Gold went up to $3,371.90 per troy ounce. However, the price dropped slightly by the end of the day due to profit booking, closing at ₹95,239 per 10 grams.
Why Are Gold Prices Rising?
Several factors are driving gold prices higher. The ongoing trade war between the US and China has created uncertainty in global markets, which makes gold a safe investment. Additionally, expectations of interest rate cuts by the US Federal Reserve have weakened the dollar, pushing gold prices up.
Renisha Chainani from Augmont, an Indian gold platform, explains that geopolitical tensions and central bank buying, especially in countries like India and China, are also helping to support gold prices.
Will Gold Reach ₹1 Lakh Per 10 Grams?
With gold prices continuing to rise, many are wondering if it will hit ₹1 lakh per 10 grams soon. While some experts believe it could take a year or two to reach that level, others are more cautious. Anuj Gupta from HDFC Securities thinks the short-term target could be around ₹97,000 per 10 grams.
Gold prices have surged by 25% this year, and over the past five years, they have more than doubled. This has given investors solid returns. However, experts warn that after such strong gains, there is a risk of profit booking, which could cause temporary price drops.
Gold as a Safe Investment
Gold has long been seen as a safe haven during uncertain times, and with the global economy facing challenges, it continues to attract investors. Central banks around the world are buying more gold, which supports the upward trend.
As of April 19, 2025, gold prices in India are:
- 24-carat gold in Delhi: ₹98,340 per 10 grams
- 24-carat gold in Mumbai: ₹98,175 per 10 grams
- 24-carat gold in Bengaluru: ₹98,510 per 10 grams
While it’s unclear when gold will hit ₹1 lakh, it seems likely that prices will keep rising as long as global uncertainties remain.
