Gold prices cross Rs 1 lakh-mark for first time

Mumbai: Gold prices are glittering above the Rs 1 lakh-level per 10 gm for the first time as the international prices surged after US President Donald Trump unveiled plans to overhaul the Federal Reserve. Gold consolidated its position as the best safe haven asset in the volatile global financial markets.

The price of 24-karat gold (999 fineness) was quoted at Rs 1,00,000 per 10 gm in the Mumbai bullion market on Tuesday. The price of 22 karat gold was quoted at Rs 91,600 per 10 gm on Tuesday as global markets continued to remain jittery over the Trump’s tariff plans and his threat to revamp the US Fed that could lead to a spike in inflation and interest rates.

Why gold prices crossed Rs 1 lakh-mark

Gold prices in India generally follow international prices. Global gold prices continued to surge with rates crossing $3,400 an ounce even as the US dollar tumbled. Gold has gained nearly 59 per cent since March 2024. A weaker dollar boosts demand for gold, since it makes the metal more affordable to investors holding foreign currencies.