Gold prices in India hit a new all-time high of ₹96,805 per 10 grams on Monday on the Multi Commodity Exchange (MCX), driven by global trade tensions and a weakening US dollar.
By 1:30 PM, the MCX Gold June 5 contract was trading 1.65% higher at ₹96,830 per 10 grams.
Spot prices also saw a sharp uptick. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold (999 purity) was priced at ₹9,659 per gram, while 22-carat stood at ₹9,427. Rates for 20-carat and 18-carat gold were ₹8,596 and ₹7,824 per gram, respectively.
The domestic rally tracked global trends, where spot gold surged to a new record of $3,384 per ounce. A weakening US dollar—hitting a three-year low—has made gold more attractive to investors worldwide.
In the previous session, gold had dipped 0.44% to ₹95,239 due to profit booking. However, renewed concerns over a prolonged US-China trade war triggered fresh buying.
“Gold continues its upward momentum, briefly crossing $3,400 an ounce. Uncertainty around tariffs, a weaker dollar, and higher US bond yields are supporting prices,” said Pranav Mer of JM Financial Services. He also pointed to ETF buying and festive demand in India as key drivers.
Technically, gold now holds support at ₹95,550 and ₹94,200, with resistance seen at ₹97,580 and ₹98,200, Mer added.
— IANS
