India
A few days ago, gold prices in Hyderabad hit an all-time high, sparking predictions that it would soon touch the Rs 1 lakh mark. Now, that prediction seems well on its way to becoming a reality, as gold continues its bullish run and has reached yet another record high.
As of 6 PM today, the price of 10 grams of 24-carat gold in Delhi soared to Rs 96,450. In Hyderabad, it traded at a similar level — around Rs 96,430.
Analysts had already warned in early March that gold might soon become unaffordable for the average person. Less than a month later, that fear is materializing, with the price approaching new highs. At this rate, it wouldn’t be surprising if it crosses Rs 1 lakh in the coming days. A key factor driving this surge? The ongoing trade spat between the U.S. and China.
The U.S. recently imposed import tariffs on China. In retaliation, China hiked import duties on American goods. This back-and-forth escalated, with the U.S. raising tariffs by over 145% and China countering with a 125% increase.
This escalating tariff war has left investors nervous — a sentiment reflected in global stock markets. In uncertain times like these, gold is seen as a safer investment option, and naturally, demand has surged, pushing prices even higher.
To make matters more pressing, it's currently the wedding season in India — a time when gold demand traditionally peaks. With prices skyrocketing during this period, middle-class families are finding it increasingly difficult to afford the precious metal.
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