Gold and silver prices soared today, reaching new highs ahead of the Gudi Padwa. The price of 24-carat gold in the bullion market jumped to Rs 89,306 per 10 grams (excluding GST), marking its highest level yet. Meanwhile, silver prices surged by Rs 1,159, opening at Rs 100,934 per kilogram.
This rally comes just days after gold hit Rs 88,761 per 10 grams for the first time on March 20, a record that has now been broken within eight days. Similarly, silver, which had previously peaked at Rs 100,400 per kg on March 18, set a new record today.
Gold Prices Including GSTWith the addition of 3% GST, today's gold price stands at Rs 91,985 per 10 grams, while silver costs Rs 102,768 per kg.
Gold Rises on MCXGlobal gold prices climbed 0.7% to $3,077 per ounce, while the MCX Gold April contract increased by 0.65% to Rs 88,955 per 10 grams. Silver prices also gained 0.48%, reaching Rs 101,798 per kg.
Will Gold Become More Expensive in the New Financial Year?Experts predict that gold prices may continue to rise in the new financial year due to geopolitical tensions, inflation, and an expected interest rate cut by the US Federal Reserve. They suggest that gold remains a safe-haven investment despite potential market risks.
The recent price surge has been fueled by concerns over a possible trade war between the US and other countries, along with former US President Donald Trump’s announcement of a 25% tariff on vehicle imports and threats of stricter actions against Europe and Canada. The resulting uncertainty in global markets has driven up gold prices both internationally and domestically.
Key Reasons Behind the Surge in Gold Prices
- Geopolitical Tensions – Ongoing issues such as the US-China trade conflict and the Ukraine war.
- Fed Interest Rate Expectations – Lower interest rates make gold a more attractive investment.
- Central Bank Purchases – The Reserve Bank of India (RBI) alone has bought 32 tonnes of gold in the financial year 2025.
When Could Gold Prices Drop?Gold prices may come under pressure if the US dollar strengthens or if investors shift their focus toward the stock market or cryptocurrencies.