Gold prices continued their upward rally on Wednesday, with the cost of 10 grams of 24-carat gold rising by ₹1,309, taking the overall price to ₹1.19 lakh — the highest level ever recorded in the domestic market.
According to data from the Multi Commodity Exchange (MCX) and leading bullion associations, both retail and wholesale gold prices saw a sharp uptick following a surge in global rates driven by renewed investor interest in safe-haven assets.
The rise is being attributed to global economic uncertainty, geopolitical tensions, and strong central bank buying, which have collectively boosted demand for gold. The U.S. dollar’s weakness and declining bond yields have further added momentum to the yellow metal’s rally.
Current Gold Prices (as of Wednesday):
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24-Carat Gold (10 grams): ₹1,19,000
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22-Carat Gold (10 grams): ₹1,09,000
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Silver Price: ₹1,46,200 per kilogram (up ₹1,100)
Analysts believe that gold could continue to climb in the coming weeks as markets brace for potential interest rate cuts and economic slowdown indicators across major economies.
“Investors are shifting towards gold as a hedge against inflation and global uncertainty. With festive demand also picking up in India, prices may remain elevated,” said Anuj Gupta, Commodity Expert at HDFC Securities.
The price surge has also impacted the jewellery market, with retailers reporting slower footfalls as buyers wait for price stabilization ahead of the wedding and festive season.
Globally, spot gold prices traded near $2,620 per ounce, marking a fresh record high in the international market.
With both domestic demand and global market trends pointing upward, experts predict that gold could touch ₹1.25 lakh per 10 grams by the end of the year if current conditions persist.
For Indian households and investors, the glitter of gold remains strong — but it’s now more expensive than ever before.
