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Gold prices in India hit record highs due to new US tariffs. In Mumbai, 22-carat gold was Rs 85,600 per 10 grams.
Currently, gold is just Rs 9,000 away from touching the Rs 1 lakh mark. Reaching there would require a further increase of about 10% from current levels.
Gold and Silver prices in India on April 03: Gold prices in India soared to new record highs as US President Donald Trump announced new tariffs on several nations. With rising macro-level uncertainty and investors hedging towards safe-haven assets, the gold price is at a record level.
In Mumbai, the gold price was up by Rs 500 to trade at Rs 85,600 per 10 grams for 22-carat and Rs 93,380 per 10 grams for 24-carat at noon. Silver, on the other hand, saw selling pressure, sliding by Rs 2,000 to Rs 1,03,000 per kg.
On MCX, gold was trading at Rs 90,781 per 10 grams, while silver was down by 2.29 per cent to trade at Rs 97,467 per kg.
According to goldprice.org, the current price of gold at the international level is $3125. Over the past month, gold gained almost 7 per cent.
Donald Trump’s Tariffs
US President Donald Trump imposed a 10% baseline tariff on all imports to the US. He announced a 26% “Discounted Reciprocal Tariff” on India, saying PM Modi is a good friend of mine, but India has 55% tariff for items importing from US.
The tariff imposed by the Trump administration will hit Indian jewellery exporters, said Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, indicating an increase to 10% of import duty in the US from the current 5.5%. Gadgil said that as far as domestic consumption of gold is concerned, neither is India an importer of gold nor jewellery from the US. “On the contrary, the US imports a lot of goods and commodities from Asia, which will invariably become more expensive now.”
He stated that this policy will affect the entire world, and not just the United States. Thus, reciprocal reactions are awaited and Indian players need to see how this unfolds in the days to come.
Here’s a detailed breakdown of gold prices across key cities (April 03, 2025):
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 85,750 | Rs 93,530 |
| Jaipur | Rs 85,750 | Rs 93,530 |
| Ahmedabad | Rs 85,650 | Rs 93,430 |
| Patna | Rs 85,650 | Rs 93,430 |
| Mumbai | Rs 85,600 | Rs 93,380 |
| Hyderabad | Rs 85,600 | Rs 93,380 |
| Chennai | Rs 85,600 | Rs 93,380 |
| Bengaluru | Rs 85,600 | Rs 93,380 |
| Kolkata | Rs 85,600 | Rs 93,380 |
Silver Price In India Today (April 03, 2025)
The price of silver also sold lower by -Rs 2000 to Rs 1,03,000 per kg in the morning in the spot market, according to goodreturns.in.
