24-Carat Gold Prices Surpass Rs 1 Lakh Mark As Trump-Powell Clash Triggers Volatility

Gold prices on April 22 surpassed Rs 1 lakh per 10 grams in India as the yellow metal saw a record rally triggered by volatility in global markets. The cost of pure gold of 24 carats will now be priced at over Rs 10,000 per gram in all major Indian cities, including Delhi, Mumbai, Kolkata and Chennai, as per the Goodreturns website.

Meanwhile, in the US, gold futures climbed 1.7 per cent to $3,482.40 on April 21. US President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell has triggered fears among investors, shifting them towards safer investment assets like gold.

Earlier this month, Powell said the US Fed is in wait-and-watch mode and even raised the concern of a possible stagflationary scenario. He claimed that the US may find itself in a troublesome situation in which its dual-mandate goals will be in tension.

Meanwhile, Trump had called Fed Chair Jerome Powell a “major loser” and claimed that he always delays the reduction of borrowing costs.

Gold Price In Different Indian Cities

In Delhi, Noida, and Gurugram, 24-carat gold was priced at Rs 10,150 for each gram. However, pure gold is not used in jewellery, and it may not be used while calculating jewellery prices. Additionally, the price of 22-carat gold stood at Rs 9,305 for one gram. Meanwhile, in Mumbai and Kolkata, the costs were slightly lower. Meanwhile, 24-carat gold costs Rs 10,135 for a gram, and 22-carat gold is priced at Rs 9,290 for a gram, as per Goodreturns.

Price of 1 Gram 24-Carat Gold City Wise

Delhi: Rs 10,150

Noida: Rs 10,135

Gurugram: Rs 10,135

Mumbai: Rs 10,135

Chennai: Rs 10,135

Bengaluru: Rs 10,135

Kolkata: Rs 10,135

Gold future prices were trading at Rs 99,270 on April 22, at 11:50 am, on MCX.

Goldman Sachs, earlier this month, predicted a bull run in gold prices globally. “We raise our year-end gold forecast to $3,700/toz (vs. $3,300) with a projected range of $3650-3950/toz, as we incorporate stronger-than-expected central bank demand and the boost from increased recession risk to ETF inflows in our forecasting framework,” the research firm said in an official statement.

The firm added that gold prices could even reach the levels of $4,500 in extreme case scenarios. “In extreme tail scenarios where the market focus on the risks of Fed subordination or of changes in US reserve policy was to grow, prompting central bank demand to rise to 110tonnnes/month consistently, ETF holdings to rebound to pandemic-era levels by end-2025, and positioning to reach the top of its historical range, gold could plausibly trade near $4,500/toz by end-2025. We view this as a very low-probability event but include it to illustrate the nonlinear upside to gold prices,” the firm added.

Should You Put Money In Gold?

Siddharth Srivastava, Head - ETF Products and Fund Manager, Mirae Asset Mutual Fund, says: "Tailwinds supporting gold prices continue to exist—geopolitical issues, concerns around U.S. tariffs, increasing chances of a U.S. recession, and a weakness in the dollar, which has caught the market off guard. We're also seeing central banks around the world continuing to buy gold. All of this is still providing support to gold prices.

Srivastava estimates some corrections with profit booking. He adds: Though demand has reduced in the jewellery market, gold has shown a strong one-way rally. Based on yesterday’s data, it's up by over 30 per cent in the last year. So, while some consolidation or price correction might happen, we believe the underlying supporting factors for gold continue.”

For anyone who wishes to enter the gold market, they should take entry with a long-term perspective. Srivastava says: “Anyone looking to invest now should do so from a long-term asset allocation perspective, not just for short-term gains.”