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The 22-carat variant also surged to ₹83,400 per 10 grams, reflecting a rise of ₹1,050 per 10 grams, according to Goodreturns data.
This rally follows the broader uptrend in global markets, where gold breached the $3,000 per ounce mark.
Globally, spot gold climbed to an all-time high of $3,079.01 per ounce. US gold futures also gained, touching $3,086.80 per ounce.
The rally comes amid concerns over fresh tariff plans from US President Donald Trump, fueling fears of an intensified global trade war. Investors sought refuge in gold, a traditional safe-haven asset, pushing prices higher for the fourth consecutive week.
“Gold has the wind at its back at the moment. US trade policy, US fiscal policy, geopolitics, and a growth slowdown – everything is blowing in gold’s direction,” said Kyle Rodda, financial market analyst at Capital.com.
He noted that the next major milestone for gold prices would be $3,100 per ounce.
Uncertainty over retaliatory measures from other nations, coupled with expectations of interest rate cuts and ongoing geopolitical conflicts, has strengthened gold’s appeal.
“Markets are yet to have an understanding of what the retaliatory responses will be,” said Edward Meir, an analyst at Marex.
Canadian Prime Minister Mark Carney hinted at potential trade actions in response to Trump’s auto tariffs, further stoking global economic uncertainty.
In India, gold’s rally has been supported by strong central bank buying and falling interest rates.
“Gold prices surged approximately 15.4% in the global market and 14% in the domestic market in FY25, one of the strongest performances in a decade,” said Colin Shah, MD of Kama Jewelry.
He attributed the surge to robust central bank demand, geopolitical tensions, and expectations of U.S. Federal Reserve rate cuts.
The Reserve Bank of India (RBI) added 32.63 tonnes of gold in the first half of FY25, taking its total reserves to 854.73 tonnes.
Analysts remain optimistic about gold’s trajectory in the upcoming financial year.
“We anticipate continued growth in gold prices on the back of further rate cuts by the US Fed, geopolitical tensions, and Trump’s tariff threats. However, a stronger US dollar and a shift towards other asset classes could pose challenges,” Shah added.
Rahul Kalantri, VP Commodities at Mehta Equities, highlighted the technical levels for gold.
“Gold has support at $3,050-$3,032 per ounce, with resistance at $3,092-$3,110 per ounce. In the Indian market, gold has support at ₹88,270-₹87,980 per 10 grams, while resistance lies at ₹88,790-₹88,990 per 10 grams,” he said.
With inflation fears, trade uncertainties, and geopolitical risks continuing to dominate markets, investors are likely to keep betting on gold.
The market now awaits US personal consumption expenditures data, which could further shape gold’s short-term movement.
–With Reuters inputs