NEW DELHI, April 16 – Gold prices in India surged to an all-time high on Wednesday, rising by ₹1,650 to ₹98,100 per 10 grams in the national capital, driven by heightened global safe-haven demand amid escalating trade tensions between the United States and China.
According to the All India Sarafa Association, the yellow metal of 99.9% purity had closed at ₹96,450 per 10 grams on Tuesday. Gold of 99.5% purity also jumped ₹1,650 to ₹97,650. The rally marked the highest single-day gain since April 11, when prices soared ₹6,250 per 10 grams—still the steepest one-day rise in local market history.
So far in 2025, gold prices have climbed ₹18,710, or 23.56%, reflecting growing investor anxiety over global economic conditions. Silver also rallied alongside gold, rising ₹1,900 to ₹99,400 per kg, up from ₹97,500 on Tuesday.
On the Multi Commodity Exchange (MCX), gold futures for June delivery rose ₹1,984, or 2.12%, to a record ₹95,435 per 10 grams. “Gold showed a solid rally once again… as MCX gold hit landmark levels of ₹95,000, while Comex gold surpassed USD 3,300, reflecting strong safe-haven demand,” said Jateen Trivedi, VP Research Analyst at LKP Securities.
The surge comes as investors flock to gold amid geopolitical tensions and the lack of progress in US-China trade talks. The US recently raised tariffs on most Chinese goods to 245%, further intensifying the trade dispute. On the global front, spot gold touched a record high of USD 3,318 per ounce before easing to USD 3,299.99.
“Gold surged to a record high, driven by growing trade war concerns after the US government tightened export rules to China,” said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities. Adding to the bullish momentum, the US dollar index dropped below 100, nearing three-year lows, while investors awaited a speech by US Federal Reserve Chair Jerome Powell that could signal a potential interest rate cut.
“The macro environment continues to offer strong support for gold,” said Chintan Mehta, CEO at Abans Financial Services. “Major banks remain positive on gold’s outlook, citing continued inflows into gold-backed ETFs and central bank purchases.” Spot silver in Asian markets also gained, rising nearly 2% to USD 32.86 per ounce. Analysts said upcoming US economic data, including retail sales and industrial production figures, will be closely watched for further cues on the Federal Reserve’s rate path.
