Gold Prices Near Historic ₹1 Lakh Mark Amid Trade Tensions and Festive Demand

As India enters its peak wedding season, gold prices are soaring—fueled by both domestic demand and global economic tensions. On April 17, gold prices surged close to the ₹1 lakh mark amid escalating global trade conflicts and concerns of an economic slowdown. Today, 24-carat gold is trading at a record high of ₹95,207 per 10 grams, reflecting a ₹628 rise in a single day. Meanwhile, silver has dropped by ₹1,036 to ₹95,639 per kg. Including GST, the price of gold now stands at ₹98,063 and silver at ₹98,508. The India Bullion and Jewellers Association (IBJA) releases official gold and silver rates twice daily—around 12 PM and 5 PM. These prices do not include GST, and local prices may vary by ₹1,000–₹2,000 depending on the city.

What’s Driving the Surge in Gold Prices?

According to Ajay Kedia, President of Kedia Commodities, several global factors are contributing to the steep rise:

Trade Tensions: Former U.S. President Donald Trump’s tariff war has sparked volatility across global markets.
 

Recession Fears: Signs of a looming global economic slowdown are pushing investors toward safe-haven assets.
Central Bank Buying: Worldwide, central banks are increasing their gold reserves.

ETF Demand: Strong inflows into gold exchange-traded funds (ETFs) reflect growing investor interest.
Geopolitical Unrest: Persistent tensions have made gold a preferred hedge for many.

Will Gold Prices Fall?

Kedia cautions that a price correction, if any, will take time. Historically, gold hasn't corrected by more than 10% over the past 20 years. He predicts: Short-Term Correction Range: ₹78,000 to ₹80,000 (if a dip occurs before Akshaya Tritiya) Upside Potential: ₹1,02,000 in the coming months. He adds that gold prices are likely to stay within this range for at least the next 6–8 months.

Is It Still a Good Time to Invest in Gold?

Ankur Anand, Director at HSJ Lucknow, believes gold remains a smart investment—especially during times of market volatility. He notes: “Whenever there’s turbulence in the stock market, gold becomes a safe haven. With current market instability, investor interest in gold is rising. Over time, gold has consistently delivered solid returns, making long-term investment worthwhile—even at higher price levels.”