Breaking all records! Gold prices in Jalgaon skyrocket due to China’s actions
Breaking all records! Gold prices in Jalgaon skyrocket due to China’s actions
Gold prices in Jalgaon touch record highs as global tensions and Chinese demand push rates close to ₹1 lakh per 10 grams.
The fear that many held has now become a reality, gold prices in Jalgaon, Maharashtra, known as the ‘gold city’, have shot up dramatically due to developments in China. Rates have surged to historic levels, with 24-carat gold reaching as high as ₹99,400 per 10 grams (including GST). Traders believe the price could soon cross the ₹1 lakh mark if the trend continues.
This sharp spike is largely driven by global factors, especially China’s aggressive gold buying in recent weeks. Compared to the past three months, China has significantly ramped up gold purchases in just the last 15 days, leading to a surge in global demand. As a result, cities like Jalgaon are witnessing the direct impact of this international shift.
On March 14, gold prices crossed $3,000 per ounce for the first time ever. Since then, the upward trend has continued steadily. Although there was a slight dip in prices on April 21 (Monday), gold remains above ₹97,700 in most parts of India, while silver has also surged past ₹99,900 per kg.
Current Gold Rates (per 10 grams as of April 21):
- Delhi: 22K – ₹89,590 | 24K – ₹97,720
- Chennai: 22K – ₹89,440 | 24K – ₹97,570
- Mumbai: 22K – ₹89,440 | 24K – ₹97,570
- Kolkata: 22K – ₹89,440 | 24K – ₹97,570
- Jaipur: 22K – ₹89,590 | 24K – ₹97,720
- Bengaluru: 22K – ₹89,440 | 24K – ₹97,570
Gold remains the go-to investment option amid rising global uncertainty. On Monday, gold futures on the Multi Commodity Exchange (MCX) jumped ₹1,196 or 1.26% to ₹96,450 in early trade. The surge came after a three-day market break due to Good Friday and the weekend.
As of early Monday (6:53 AM), gold was trading at ₹95,440. On April 17 alone, gold prices jumped by ₹2,000, climbing from ₹95,880 to ₹96,450.
Across major cities:
- Delhi saw prices at ₹95,100
- Mumbai was slightly higher at ₹95,260
- Kolkata: ₹95,140
- Bengaluru: ₹95,340
- Chennai saw the highest rate at ₹95,540
Why this is happening:
Gold is considered a safe haven during volatile times. Since former US President Donald Trump introduced global tariffs (excluding China) on April 2, stock markets have been shaky, and investors have flocked to gold. Although a 90-day relief was offered to countries other than China, global markets are still unstable, further driving gold demand. Silver prices have also climbed, reaching ₹95,430 per kg.
In summary, while gold saw a slight correction on April 21, overall demand fueled by global tensions and Chinese buying continues to push prices toward new records, especially in places like Jalgaon.
