Gold rate today: Gold prices cross Rs 1 lakh per 10 grams as India-Pakistan tensions trigger safe haven buying
Gold rate today post Operation Sindoor: Gold prices rallied sharply on Wednesday, jumping Rs 1,000 to cross the significant Rs 1 lakh per 10-gram mark in the national capital as escalating tensions between India and Pakistan prompted investors to rush toward safe-haven assets.According to the All India Sarafa Association, gold of 99.9% purity rose to Rs 1,00,750 per 10 grams from the previous day’s close of Rs 99,750. Gold of 99.5% purity was also in high demand, surging Rs 1,050 to Rs 1,00,350 per 10 grams, up from Rs 99,300 on Tuesday, news agency PTI reported.The spike in domestic gold prices followed reports that Indian armed forces carried out missile strikes early Wednesday on nine terrorist targets across Pakistan and Pakistan-occupied Kashmir (PoK), including key strongholds of Jaish-e-Mohammad in Bahawalpur and Lashkar-e-Taiba in Muridke. The strikes were said to be in retaliation for the recent terrorist attack in Pahalgam.The precious metal had earlier touched an all-time high of Rs 1,01,600 per 10 grams on April 22, when it had surged by Rs 1,800 in a single day.Silver prices also mirrored gold’s upward trajectory, climbing Rs 440 to settle at Rs 98,940 per kg, up from Rs 98,500 on Tuesday.Despite the surge in India, international spot gold saw a decline of 1.8%, or USD 62.12, trading at USD 3,369.65 per ounce. This dip was attributed to easing geopolitical concerns amid scheduled trade talks between the United States and China.“Gold prices eased on Wednesday as the upcoming US-China tariff talks helped cool immediate geopolitical concerns, softening safe-haven demand. Markets appear to be leaning back into risk assets on hopes of progress in trade negotiations. Still, underlying risks remain elevated with conflicts in the Middle East and Ukraine persisting, and tensions between India and Pakistan showing no signs of easing,” said Chintan Mehta, CEO of Abans Financial Services.He added that gold remains a dependable hedge in the current uncertain global economic climate.Spot silver in the global market also declined, falling 1.24% to USD 32.81 per ounce.Market participants are now turning their attention to the upcoming US Federal Reserve’s FOMC policy decision. “The Fed is expected to keep interest rates unchanged despite ongoing pressure from President Donald Trump to cut rates in support of economic growth,” noted Kaynat Chainwala, AVP of Commodity Research at Kotak Securities.Chainwala added that traders are also closely watching Fed Chair Jerome Powell’s commentary for further cues on the direction of future monetary policy.
