Gold prices in Ahmedabad have hit a new record high, crossing Rs 1 lakh for the first time ever! On Tuesday, gold reached Rs 1,02,000 per 10 grams, making it a huge moment for jewelers and investors alike.
Gold’s price also soared globally, reaching $3,396.57 per troy ounce. The drop in the value of the rupee, which now stands at 85.19 against the dollar, contributed to the rise in local gold prices. In just under five years, gold prices have doubled, going from Rs 50,000 per 10 grams in June 2020 to Rs 1.02 lakh today.
Investors who bought gold when it first crossed Rs 50,000 in 2020 have seen their investments grow by 100%. Even those who bought gold at the start of this year have benefited, with prices jumping nearly 23% since January 2025, when gold was priced around Rs 83,000 per 10 grams.
For those who bought gold exactly one year ago, in April 2024, when it was priced at Rs 75,200, their investment has grown by 35%. Silver prices also saw a rise, increasing by nearly 16%, from Rs 83,000 per kg to Rs 96,500.
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Haresh Acharya, the director of the India Bullion and Jewellers’ Association, explained that several factors contributed to the rise in gold prices. These include political pressures in the US, central banks buying more gold, and concerns about inflation and global economic issues. All of this has created a perfect storm for rising gold prices.
In 2025, gold has already climbed by 30%, moving toward the $3,500 mark. Even with all the global issues already priced into the gold market, Acharya believes there could still be unexpected events that could push the price even higher.
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The rise in gold prices also comes just before Akshaya Tritiya, a time when people in Gujarat typically buy gold for good luck. Despite the high price, gold’s cultural and emotional importance means that many people will still want to buy it, though it will be interesting to see how the high price affects sales.
Meanwhile, silver is also seeing a rise, now priced at Rs 96,500 per kg, reminding everyone that even silver is no longer considered cheap.
