The escalating trade war between the United States and China is impacting global markets, pushing investors to secure their portfolios with safe-haven assets such as gold and silver.

On Tuesday, April 22, the 24-carat gold prices hit ₹99,380/10 gm, according to data on the Indian Bullion Association (IBA) at 11.30 am. The price of 22-carat gold was at ₹91.098/10 gms.

Notably, for retail customers across major cities of the country, where gold prices have touched nearly ₹99,500, you will pay ₹1 lakh or more for 10 grams of gold after adding GST to the bill. GST applied on gold purchases in India is 3 per cent (comprising 1.5 per cent CGST and SGST each). Thus, for gold worth ₹1 lakh, you will pay nearly ₹3,000 towards GST.

Social media users react

As gold touches record high prices, several social media users took to X to hail those who invest in gold, especially women, though some raised concerns about buying gold.

One of the users commented, "Gold at ₹1,00,000! Mom - Beta, ab se sona sirf photos mein pehnna (Now wear gold only in photos)."

Another user added, "The price of gold is rising like it is an Olympic race. And the common man can just see the glow from a distance!"

"Government's Lakhpati Sister Scheme has also been successful, with the rate of gold, today all the sisters in the country are lakhpatis," another user remarked.

One of the users highlighted the government's lakhpati didi scheme and wrote, "Today, almost every woman in the country has become a 'lakhpati didi'. Every person who saves every penny to buy gold has become a lakhpati today. People have made a lot of money by saving small amounts. Gold has crossed one lakh."

Another user said, "Just saw the news of gold prices touching one lakh rupees — Indian women turn out to be the best investors!"