Gold prices reach Rs 1 lakh/10gm

Gold prices reached a historic milestone on Tuesday as the rate of 24-carat gold touched 1,00,000 rupees per 10 grams for the first time ever ahead of Akshaya Tritiya. This surge in gold prices is fuelled by heightened demand for the safe-haven asset amid rising geopolitical tensions and ongoing global economic uncertainties.

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose sharply from 96,670 rupees to 1,00,000 rupees per 10 grams. Along with 24-carat gold, other categories also saw a steep rise. The price of 22-carat gold climbed to 97,600 rupees per 10 grams, 20-carat



gold reached 89,000 rupees per 10 grams, and 18-carat gold touched 81,000 rupees per 10 grams.

On the Multi Commodity Exchange (MCX), October futures briefly went above the 1 lakh rupees mark and touched an all-time high of 1,00,484 rupees per 10 grams, gaining nearly 2 per cent in a single day.

In the international gold market, gold prices briefly broke above 3,500 dollars per ounce to an all-time high, after U.S. President Donald Trump intensified his attacks against Federal Reserve Chair Jerome Powell, rattling investors and increasing demand for the safe-haven asset.