Gold prices soared to unprecedented levels on Tuesday, driven by geopolitical tensions and economic uncertainties. The yellow metal hit a fresh all-time high on the Multi Commodity Exchange (MCX), reflecting growing investor demand amid concerns over global financial stability.
MCX Gold Hits New Peak
On Tuesday morning, the gold futures contract for June 5 expiry opened strongly at Rs 98,753 per 10 grams on MCX and surged to an intraday high of Rs 99,178 per 10 grams. By 9:54 AM, gold was trading at Rs 98,905, marking a 1.67% increase compared to the previous session’s close. This rally was supported by the weakening US dollar and escalating tensions between US President Donald Trump and Federal Reserve Chair Jerome Powell over interest rate cuts and ongoing trade disputes with China.
Factors Driving the Rally
The sharp rise in gold prices is attributed to multiple factors. The discord between the US administration and the Fed has created uncertainty about the future trajectory of US monetary policy. Investors are increasingly turning to gold as a safe haven amid fears of prolonged trade conflicts and potential economic slowdown. Additionally, the dollar’s decline against other currencies has made gold more attractive to buyers globally.
Retail Gold Prices in India
The surge on the commodity exchange translated into higher retail gold prices across India. According to GoodReturns, the price of 22-karat gold stands at Rs 92,900 per 10 grams, while 24-karat gold is priced at Rs 101,350 per 10 grams. The 18-karat gold rate is currently Rs 76,010 per 10 grams.
City-wise Gold Rates
Gold prices have risen uniformly across major Indian cities, reflecting the nationwide impact of the global trend. Here are the latest rates for 22k and 24k gold in select cities:
| City | 22 Karat Gold Price | 24 Karat Gold Price |
|---|---|---|
| Delhi | Rs 93,050 | Rs 101,500 |
| Mumbai | Rs 92,900 | Rs 101,350 |
| Ahmedabad | Rs 92,950 | Rs 101,400 |
| Bangalore | Rs 92,900 | Rs 101,350 |
| Chennai | Rs 92,900 | Rs 101,350 |
| Chandigarh | Rs 93,050 | Rs 101,500 |
| Hyderabad | Rs 92,900 | Rs 101,350 |
| Jaipur | Rs 93,050 | Rs 101,500 |
| Kolkata | Rs 92,900 | Rs 101,350 |
| Lucknow | Rs 93,050 | Rs 101,500 |
| Patna | Rs 92,950 | Rs 101,400 |
| Gurugram | Rs 93,050 | Rs 101,500 |
Outlook
With ongoing geopolitical uncertainties and economic policy debates, gold is expected to maintain its appeal as a secure investment option. Analysts suggest that investors should monitor global developments closely, as any further escalation in trade tensions or shifts in US monetary policy could push gold prices even higher in the coming weeks.
