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On the occasion of important festivals, gold prices in India have reached 100,000 rupees per 10 grams.
Jin10 data reported on April 22, according to foreign media, as the market worries that U.S. President Trump may fire Federal Reserve Chairman Powell, gold prices continue to soar, with New York futures gold and spot gold prices reaching $3500/ounce. In India, the price of gold hit 100,000 rupees per 10 grams, causing a shockwave among the Indian middle class. While many may now have to work harder to invest in gold, with the Buddha Full Moon Festival (Akshaya Tritiya, a traditional gold purchasing festival in India) approaching, Indian housewives known for their gold savings may feel the most pressure. Tim Waterer, Chief Market Analyst at KCM Trade, stated: "Against the backdrop of tariff concerns and the Trump-Powell drama, investors have been wary of U.S. assets, keeping gold in the best position to profit from the dollar quagmire."