Gold hits record high of ₹1,01,600 as demand peaks ahead of wedding season

Gold prices in India surged by 1,800 to surpass the critical ₹1 lakh mark for 10 grams in the national capital on Tuesday, driven by a rush of purchases by local jewellers and stockists. The All India Sarafa Association reported that gold of 99.9% purity climbed 1,800 to hit the lifetime peak of ₹1,01,600 per 10 grams. Gold of 98.5% purity also jumped by 2,800 to hit.

A record high of ₹1,02,100 per 10 grams in local markets. Akshaya Tritiya, considered the most auspicious day to buy gold, falls on April 30. The wedding season will continue till May end. Gold has spurted by nearly 29% since December 2024. Silver prices remained flat at ₹98,500 per kg on Tuesday. The new all-time-high attained by gold is primarily influenced by.

Gold prices in India have reached an unprecedented high, with 99.9% pure gold touching ₹1,01,600 per 10 grams, marking a significant milestone in the precious metal’s market history. This surge comes as the wedding season coincides with Akshaya Tritiya, a highly auspicious day for gold purchases, leading to increased demand. The price increase is attributed to a.

Factors Driving the Price Surge

Several key factors have contributed to the record-breaking gold prices:​

• Global Economic Uncertainties: Tensions between U.S. President Trump and Federal Reserve Chair Jerome Powell, along with concerns over the U.S.-China trade relationship, have led to a weakened U.S. dollar. This has driven investors towards gold as a safe-haven asset, increasing its price on international markets.
• Domestic Demand: The wedding season, which typically sees a spike in gold purchases, has the precious metal’s market history combination of factors, including global economic uncertainties and local market dynamics. . intensified demand. Additionally, Akshaya Tritiya, falling on April 30, is considered an auspicious day for buying gold, further boosting sales.
• Market Speculation: Increased buying activity by local jewellers and stockists in anticipation of combination of factors, including global economic uncertainties and local market dynamics. Factors influencing gold prices The surge in gold prices has had a mixed impact on consumers and the jewellery market balanced higher demand has contributed to the price hike

Impact on Consumers and the Jewellery Market

The surge in gold prices has had a mixed impact on consumers and the jewellery market:​

• Consumer Hesitation: Many consumers are postponing their gold purchases due to the high prices, leading to a decline in footfall at jewellery stores. Some buyers are waiting for prices to stabilize before making significant purchases Factors influencing gold prices The surge in gold prices has had a mixed impact on consumers and the jewellery market balanced.
• Jewellery Adaptations: In response to consumer concerns, jewellers like Tanishq are expanding their 18-carat gold offerings, which are more affordable than 22-carat gold, to cater to budget-conscious buyers. This shift aims to maintain sales volumes during the peak wedding season. ​

Outlook for the Gold Market

Experts suggest that the gold market may experience continued volatility due to ongoing global economic factors. While the high prices have dampened immediate consumer demand, the cultural significance of gold in Indian weddings may sustain long-term interest. Investors are advised to monitor market trends closely and consider both domestic and international.

For a visual perspective on how consumers are reacting to the soaring gold prices, you can watch the The rising tensions between President Trump and US Fed Chair Jerome Powell gold prices has had a mixed impact on consumers regarding the interest rate cut. The fall in the US dollar will make gold affordable in other currencies, keeping the demand-price dynamics.

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