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Gold prices continued to dazzle investors, rising to ₹98,525 per 10 grams in Ahmedabad on Tuesday, cementing a week-long trend of strong momentum. On the Multi Commodity Exchange (MCX), gold
settled at ₹95,814 in the previous session, maintaining its upward trajectory. Internationally, the yellow metal was trading at $3,307.82 per ounce as of 1 PM IST, signalling a broadly
bullish global sentiment.
The rally, fuelled by persistent inflation, a weakening rupee, and mounting geopolitical concerns, has set the stage for gold to potentially breach the ₹1 lakh-per-10g mark, a milestone that
once seemed distant but now appears within striking distance.
“It is plausible that gold passes the ₹1-lakh mark in the relatively near term, especially if current economic trends continue,” said Prithviraj Kothari, managing director of RiddiSiddhi
Bullions Limited (RSBL). “The economic landscape is strongly supportive—rising inflation, rupee depreciation, geopolitical tensions, and consistent central bank purchases all point to
further gains. If the central banks begin cutting rates or inflation intensifies, gold could rally swiftly beyond ₹1 lakh.”
However, some short-term cooling was evident.
Gold saw brief profit booking as safe-haven demand dipped after U.S. President Donald Trump postponed his planned 50% tariffs on EU imports from June to July. The delay came after a request
by European Commission President Ursula von der Leyen to give negotiators more time to work on a trade agreement.
But analysts believe such pauses are only temporary in a broader bull market. Dr Renisha Chainani, head of research at Augmont, noted, “Gold prices are expected to trade in the range of
$3,275 (around ₹95,000) to $3,375 (around ₹96,400) in the near term. A breakout on either side could move prices by 2–3%.”
With central banks and institutional investors continuing to stockpile gold and the world grappling with macroeconomic and geopolitical uncertainties, sentiment remains strongly in favour of
the yellow metal. The question now is not whether gold will hit ₹1 lakh, but how soon.
