Gold prices hit record ₹1 lakh per 10 gm ahead of Akshaya Tritiya

Gold maintained its blistering climb, reaching an all-time high on fears that President Donald Trump may fire Federal Reserve Chair Jerome Powell, causing investors to exit US stocks, bonds, and the currency. In India, gold prices reached ₹1 lakh per 10 kilos, causing shockwaves among the middle class. While many may now have to work harder to invest in gold, Indian housewives, who are well-known for their gold savings, may bear the brunt of the burden ahead of Akshaya Tritiya.

Spot gold was up 1.7% at $3,482.26 an ounce, as of 0434 GMT, after setting a record high of $3,494.66 per ounce earlier in the day, news agency Reuters reported. US gold futures rose 2% to $3,492.60. "Investors have been giving a wide berth to US assets amid tariff worries and Trump-Powell dramas, which has kept gold in prime position to capitalise on the dollar's woes," said Tim Waterer, chief market analyst at KCM Trade.

On Monday, Trump reaffirmed his desire for an early interest rate cut, warning that the US economy could stall, while criticizing Powell's decision to keep rates steady until the impact of Trump's tariff proposals on inflation is clear.