Why is gold price increasing: Gold futures prices on Monday witnessed a massive jump of Rs 1,493 due to rising demand in the global market. It crossed the psychological mark of Rs 96,000 per 10 grams. Gold contracts for June delivery on the Multi Commodity Exchange (MCX) continued to perform well for the third consecutive trading session. The yellow metal climbed Rs 1,493 or 1.57 per cent in early trade to touch a new peak of Rs 96,747 per 10 grams. Later, it retreated sharply and rose by Rs 1,346 or 1.41 per cent to Rs 96,600 per 10 grams. It traded for 21,540 lots.
Gold Prices Jump ₹1,493 to Cross ₹96,000 on MCX
Similarly, the follow-on contract for August delivery rose by Rs 1,464 or 1.53 per cent to a record high of Rs 97,360 per 10 grams on MCX. Commodity markets were closed on Friday due to ‘Good Friday’.
Why Are Gold Prices Rising So Sharply?
Market experts said that the ongoing trade war between the US and China has increased global uncertainty, prompting investors to look for safe-haven assets. He said that till a solution is found between the world’s two largest economies, the rise in gold is likely to continue.
Global Gold Futures Also at All-Time High – In global markets, gold futures hit a new high of $ 3,400.86 an ounce.
Gold Imports Surge in India
Gold imports have increased significantly in the country in the recent past. Imports increased by 192.13 percent in March and reached $ 4.47 billion. With this, gold imports in the financial year 2024-25 increased by 27.27 percent to $ 58 billion.
Gold rates in major cities of the country (per gram)
| City | 22 Carat | 24 Carat |
|---|---|---|
| Chennai | ₹9,015 | ₹9,835 |
| Mumbai | ₹9,015 | ₹9,835 |
| Delhi | ₹9,015 | ₹9,835 |
| Calcutta | ₹9,030 | ₹9,850 |
| Bengaluru | ₹8,920 | ₹9,731 |
| Hyderabad | ₹9,015 | ₹9,835 |
| Ahmedabad | ₹9,020 | ₹9,840 |
| Indore | ₹9,020 | ₹9,840 |
| Bhopal | ₹9,020 | ₹9,840 |
| Jaipur | ₹9,030 | ₹9,850 |
| Lucknow | ₹9,030 | ₹9,850 |
What was the price of gold before this?
Earlier, on Friday, the price of 24 carat gold in the bullion market was Rs 98,150 per 10 grams. On Friday, the price of gold fell by Rs 20 per 10 grams.
According to PTI, the price of gold in the local market has gone up to Rs 99,300 per 10 grams.
Price Has Risen ₹20,850 Since December 2024
Since December 31 last year, the price of gold has increased by 26 percent per 10 grams. Since December, the price of gold has increased by Rs 20,850 per 10 grams.
Also Read – Gold Price Hits Record High of ₹96,670: 24-Carat Price Jumps by ₹1,760 in a Single Day
