24 Carat Gold Rates in India Break Records, Cross ₹1 Lakh for 10 Grams
Gold prices soared to Rs 1 lakh per 10 gm at the retail level on Monday, just ahead of Akshaya Tritiya — one of the most significant gold buying festivals in India. With gold trading at Rs 97,200 per 10 gm (excluding GST), concerns are rising about whether these record-high prices will dampen festive buying.
Despite the spike, the jewellery industry remains cautiously optimistic. "There was a lot of rush today to buy gold in Zaveri Bazaar as there is a feeling in the market that prices of gold will surge further," said Avinash Gupta, Vice Chairman, All India Gem & Jewellery Domestic Council.
According to Jateen Trivedi, Research Analyst at LKP Securities, "Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying. Comex gold approached the $3,400-mark, trading near $3,395, while MCX gold surged to Rs 96,775, registering fresh all-time highs."
He added that global factors including tariff tensions, US economic concerns, and sustained buying by central banks and institutional investors are pushing the rally forward. Technically, gold remains in an uptrend as long as Comex stays above $3,250 and MCX above ₹91,000, with ₹93,000 offering a possible entry point.
Interestingly, the rising prices are also boosting interest in diamond-studded jewellery and colored gemstones. “We are witnessing increasing traction in natural diamond jewellery, polki or raw, uncut diamond, and coloured gemstone pieces,” said a jeweller.
Gold coins and bars are also seeing steady demand, as consumers turn to gold for long-term security. Saurabh Gadgil, MD of PNG Jewellers, believes that “the next ten days will be crucial,” but anticipates a strong turnout for Akshaya Tritiya.
Despite the spike, the jewellery industry remains cautiously optimistic. "There was a lot of rush today to buy gold in Zaveri Bazaar as there is a feeling in the market that prices of gold will surge further," said Avinash Gupta, Vice Chairman, All India Gem & Jewellery Domestic Council.
According to Jateen Trivedi, Research Analyst at LKP Securities, "Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying. Comex gold approached the $3,400-mark, trading near $3,395, while MCX gold surged to Rs 96,775, registering fresh all-time highs."
He added that global factors including tariff tensions, US economic concerns, and sustained buying by central banks and institutional investors are pushing the rally forward. Technically, gold remains in an uptrend as long as Comex stays above $3,250 and MCX above ₹91,000, with ₹93,000 offering a possible entry point.
Interestingly, the rising prices are also boosting interest in diamond-studded jewellery and colored gemstones. “We are witnessing increasing traction in natural diamond jewellery, polki or raw, uncut diamond, and coloured gemstone pieces,” said a jeweller.
Gold coins and bars are also seeing steady demand, as consumers turn to gold for long-term security. Saurabh Gadgil, MD of PNG Jewellers, believes that “the next ten days will be crucial,” but anticipates a strong turnout for Akshaya Tritiya.
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