Gold Prices Hit All-Time High in India, 24-Carat Gold Crosses ₹1 Lakh Mark
In a historic development, gold prices in India have surged to record-breaking levels, marking a significant moment in the domestic bullion market. For the first time ever, the price of 24-carat gold has crossed the ₹1,00,000 threshold per 10 grams, creating ripples across the market and impacting consumer sentiment.
On Tuesday, gold prices witnessed an unprecedented single-day increase, with 24-carat pure gold rising by ₹3,000 per 10 grams to reach ₹1,01,350. Likewise, 22-carat gold saw a spike of ₹2,750, bringing the rate to ₹92,900 per 10 grams. This dramatic rise has been confirmed across major cities in the Telugu states, including Hyderabad, Vijayawada, and Visakhapatnam.
Silver prices have also remained elevated, maintaining the sharp jump recorded on Monday. The price of silver increased by ₹1,000 per kilogram to reach ₹1,01,000 in the bullion market, while rates in cities across the Telugu states are currently at ₹1,11,000 per kilogram.
The sustained rally in gold and silver prices has been attributed to a range of global and domestic economic factors, including market uncertainties, geopolitical tensions, and a shift in investor sentiment toward safe-haven assets.
For consumers, especially those planning purchases for upcoming weddings or festivals, the soaring prices have posed a significant challenge. Middle-class households, in particular, are feeling the burden, as the traditional appeal of gold as an auspicious and secure investment becomes financially out of reach for many.
As of 10:00 AM today, these rates were recorded across various leading bullion trading platforms, confirming the ongoing upward trend.
Analysts expect market volatility to continue in the short term, urging potential buyers to remain cautious and informed before making investment decisions.
