Gold Prices Soar Past ₹1 Lakh in Retail, Hit Record High on MCX

22nd April 2025 at 1:58 PM

1 minute read

Kannada actress Ranya Rao's arrest at Bengaluru airport with 14.2kg of gold has highlighted the issue of the gold smuggling and price differences between Dubai and India of gold. The actress is a stepdaughter of a senior IPS officer, allegedly hid gold bars in her clothing

Gold prices in India have surged to unprecedented levels, crossing the ₹1 lakh mark per 10 grams in the retail market after accounting for GST, while futures on the Multi Commodity Exchange (MCX) reached a record high. Gold June futures on MCX climbed to ₹99,178 per 10 grams on Tuesday, marking a sharp increase of approximately ₹1,900 from the previous session. In the physical market, gold was priced at ₹97,200 per 10 grams on Monday before the 3% GST, which pushed retail prices above the significant ₹1 lakh threshold.

The rise in gold prices is attributed to heightened safe-haven demand amid global market uncertainties, including US-China trade tensions and a weakening dollar. Silver futures also saw gains, with May contracts opening 0.33% higher at ₹95,562 per kilogram, up ₹315. The upward trend in precious metals reflects broader economic concerns driving investors toward secure assets.