Gold prices soared past the historic milestone of Rs 1 lakh per 10 grams in the retail market on Tuesday, driven by global uncertainties and a series of unprecedented announcements made by US President Donald Trump. The safe-haven appeal amid the disruptions in international markets triggered by US tariffs has aided the yellow metal in hitting record high levels.
In Mumbai and Delhi, 24-karat gold touched Rs 1,01,350 per 10 grams. On the other hand, 22-karat gold stood at Rs 92,900 per 10 grams in Mumbai and at Rs 93,050 per 10 grams in Delhi, according to reports.
The surge comes amid rising inflation fears and volatile markets triggered by Trump’s tariffs. Gold, widely seen as a safe-haven asset, typically increases in price during turbulent economic times such as geopolitical tensions and trade wars. The yellow metal has risen nearly 59% since March 2024.
On a year-to-date basis, the 24-karat gold has given over 26% returns compared to its Jan. 1 levels of nearly Rs 79,000 per 10 grams. In comparison, the benchmark equity market index NSE Nifty 50 rose 1.75%.
Amid the ongoing uncertainties, the yellow metal has emerged as an attractive destination to park money for investors.
