Gold Prices Skyrocket! 24K Gold at Rs 92,850, MCX Gold Nears Rs 92,000

Check gold and silver price across major Indian cities

Indian gold prices continued on their rising spree on April 2, as 24K gold touched Rs 92,850 per 10 grams. While 22K and 18K gold were available for Rs 85,110 and Rs 69,640 for every 10 grams, respectively. On the gram basis, 24K gold was available at Rs 9,285, 22K at Rs 8,511, and 18K (or 999 gold) at Rs 6,964. The gold price hike comes after a remarkable rally, with MCX gold likely to breach Rs 92,000 in the near future.

On April 1, MCX gold prices jumped to Rs 91,400 per 10 grams for the first time ever, a new all-time high. This was a high enough point to put gold at a top-performing asset, outpacing stocks, the US dollar, and other commodities. As of the start of 2025, MCX gold alone has given an 18 percent return, adding further to its attraction as a safe-haven investment.

Silver Prices in India

Silver prices are still over Rs 1,05,000 per kg. On Wednesday, the 1 kg silver price is Rs 1,05,100 and the per-gram price is Rs 105.10. Silver is selling at Rs 1,14,100 per kg in major cities such as Chennai, Hyderabad, and Kerala.

MCX Gold and Silver Prices

MCX gold, which is to expire in June 2025, made a new high of Rs 91,400 per 10 grams before settling at Rs 91,205, showing a 0.4 percent rise. MCX silver also crossed the Rs 1 lakh level briefly, closing at Rs 99,934 per kg with a 0.5 percent rise.

Market analyst Rahul Kalantri of Mehta Equities said both gold and silver experienced high volatility on Tuesday. While prices climbed in early trade, profit-taking ate into gains as investors waited for announcements of US trade tariffs. Gold briefly reached a record US$3,177 per ounce before retreating, while silver was under pressure on weak industrial metal performance and lackluster US economic data. In spite of this short-term drop, experts remain optimistic with rising trade tensions underpinning the safe-haven demand of precious metals.

Key Triggers for Gold Prices

Manav Modi, Senior Analyst, highlighted five key factors influencing gold prices:

Donald Trump’s Tariff Policies: The anticipation of new US trade tariffs is creating uncertainty.

Geopolitical Tensions: Ongoing conflicts, including U.S.-Iran and Israel-Hamas tensions, continue to drive demand.

US Dollar Index Decline: A weaker dollar enhances gold’s attractiveness.

Central Bank Buying: Strong purchases from global central banks support prices.

Investor Appetite and Fed Rate Reduction Expectations: Gold's positive outlook is supported by investor inflows and US Federal Reserve rate-cut expectations.

Spot Gold and Market Outlook

Gold rose over US$3,130 per ounce on Wednesday as investors flocked to safe-haven assets amidst concerns over increasing US tariffs, reports Trading Economics. The market is also expecting significant economic releases, such as US Manufacturing and Services PMI, ADP Unemployment, and Nonfarm Payrolls, that will drive prices. LKP Securities' VP, Jateen Trivedi, mentioned that gold prices are likely to stay volatile, trading between Rs 88,500 and Rs 92,500 on MCX.

Gold and Silver Prices Across Major Cities

Courtesy: GoodReturns

Currently, the outlook for the precious metals market appears positive, and investors are very concerned about such global economic signals that may signal further movements in the gold and silver prices.