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Gold prices in India continue to surge, with 24K gold crossing the Rs 90,000 per 10 grams mark. The price of MCX gold also surpassed Rs 89,700 for the first time. Experts predict further price increases due to rising tensions from the Israel-Gaza conflict and concerns over persistent inflation highlighted by the U.S. Federal Reserve’s latest statements. While the Fed downplayed recession risks, former President Trump warned of potential economic downturns due to ongoing trade wars.
Gold Prices in India:
- The price of 24K gold stands at Rs 90,670 per 10 grams, just Rs 330 away from reaching Rs 91,000.
- 22K gold is priced at Rs 83,110 per 10 grams, while 18K gold costs Rs 68,001 per 10 grams.
- The price per gram is Rs 9,067 for 24K gold, Rs 8,311 for 22K, and Rs 6,800 for 18K gold.
Silver Prices in India:
- The price for 1 kg of silver is Rs 1,05,100, while the price per gram is Rs 105.20.
- In cities like Chennai, Hyderabad, and Kerala, 1 kg of silver costs Rs 1,14,200.
MCX Gold and Silver Prices:
- On March 20, MCX gold with an April 2025 expiry hit an all-time high of Rs 89,796 per 10 grams before ending at Rs 88,730, up by Rs 128.
- MCX silver prices stood at Rs 99,420 per kg, with an intraday high of Rs 1,00,767 per kg.
Spot Gold Price:
- Spot gold reached a new record of $3,050 per ounce on Thursday, driven by expectations of U.S. rate cuts and strong demand for safe-haven assets.
- The Federal Reserve anticipates cutting rates by 50 basis points this year, which supports gold as a non-yielding asset.
- Rising tensions in the Middle East and trade disputes have further contributed to the surge in gold prices.
Gold Prices Outlook:
- Jateen Trivedi, VP of Research at LKP Securities, noted that gold prices saw a minor correction after hitting the $3,050 mark due to profit-taking. He predicts a potential decline of $30-$50 in the coming days, with support near ₹87,500 and resistance at ₹89,000.
- Suresh Darak, Founder of Bondbazaar, pointed out that the Fed’s stance on inflation remains uncertain, with no clear answers about whether inflationary pressures will be temporary. This uncertainty may continue until more economic data is available. Darak also suggested that further rate cuts could push gold prices higher.
- Tata Mutual Fund added that gold’s appeal has increased due to lower bond yields, and if U.S. inflation continues, gold prices could rise further, especially if trade policies lead to tariff-driven inflation.
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