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3w ago

Gold Hits Record Above ₹101,000 in India as Global Prices Near $3,380/Oz

Disappointing US job growth has heightened Fed rate-cut bets, propelling gold to about $3,380, with tariff-driven safe haven flows causing sharp rupee swings that jolt India’s markets.

Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth/ File Photo
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Overview

  • Domestic gold prices surged past ₹101,000 per 10 grams on August 5, marking a new high for Indian markets.
  • Global spot gold hovered near $3,380 an ounce after US nonfarm payrolls rose by just 73,000 jobs in July, reinforcing expectations of a September rate cut.
  • President Trump’s new tariffs on imports from nearly 70 countries boosted safe-haven demand amid escalating trade uncertainties.
  • Central banks added record amounts of gold to their reserves in 2024, and strong ETF inflows continue to underpin prices.
  • Volatile rupee movements, stockist profit-booking and robust festival and wedding demand are intensifying local price swings ahead of RBI and Fed policy decisions.