Gold Prices in India Jump as Global Rates Hit Record High

On Monday, April 21, gold prices in India went up sharply. This rise follows global trends, where gold reached a record high in international markets.

Also Read: Will Nifty 50 Reclaim 24,000? Sensex Outlook Amid Global Uncertainty

According to Goodreturns,

• 24K gold is now priced at Rs.9,757 per gram
• 22K gold stands at Rs.8,944 per gram
• 18K gold is priced at Rs.7,318 per gram

This means 24K gold has gone up by Rs.10,000 per 10 grams compared to last week.

Global Gold Rates Soar to All-Time High

In the international market:

• Spot gold rose by 1.7%, touching $3,384 an ounce – the highest ever.
• US gold futures also increased by 2%, reaching $3,396.10 an ounce.

This rise is due to worries about the global economy, US-China trade tensions, and a weak US dollar. The dollar index dropped to its lowest point in 3 years, making gold more affordable for buyers using other currencies.

Trade Tensions and Political Uncertainty Fuel Gold Demand

Gold is known as a safe-haven asset, and demand has gone up due to current global issues:

• US President Donald Trump announced new tariffs on many countries, worsening the trade war with China.
• China warned countries about signing separate economic deals with the US.
• US political uncertainty is growing, with Trump criticizing Fed Chair Jerome Powell and reports suggesting he might try to remove him.
• Russia-Ukraine tensions also increased, despite a short Easter ceasefire.

What’s Next for Gold Prices?

Experts believe gold could go even higher if global tensions continue. According to market strategist Yeap Jun Rong, the next target could be $3,500 per ounce. However, he also warned that gold might be overbought in the short term.

Also Read: How much EMI will have to be paid on a car loan of 800000 from HDFC Bank