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.”