Bullion bonanza: Gold price soars to 1.02L in Ahmedabad markets, investors gain big
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Ahmedabad: The glitter of gold has never been this bright, ever! On Tuesday, the yellow metal blazed past the Rs 1 lakh mark, dazzling retail markets at a whopping Rs 1,02,000 (Rs 1.02 lakh) per 10 grams, a first-ever feat that has jewellers wide-eyed and investors watching every tick.
Globally, gold surged to $3,396.57 per troy ounce, while the rupee's slump to 85.19 against the dollar added rocket fuel to the local price rise. In just under five years — 1,763 days to be precise — gold doubled, from breaching Rs 50,000 per 10g in June 2020 to its present jaw-dropping summit.
Investors who bet on bullion struck glittering gold — quite literally. Since June 24, 2020, when prices first crossed Rs 50,000, gold in Ahmedabad doubled, delivering a 100% return in under five years. Even those who entered the market at the start of this year haven't been left behind — gold surged nearly 23% since Jan 1, 2025, when it hovered around Rs 83,000 per 10g.
For sharp-eyed investors who jumped in exactly a year ago on April 22, 2024, when the yellow metal was priced at Rs 75,200, the gain is a spectacular 35%. Silver, too, sparkled up nearly 16% in the same period, from Rs 83,000 per kg to Rs 96,500. It's been a stellar year for precious metals, proving yet again why gold and silver remain the go-to safe havens when uncertainty reigns.
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Haresh Acharya, director of India Bullion and Jewellers' Association (IBJA), said, "It's a potent mix of factors, from Trump's renewed pressure on the US Fed to central bank gold hoarding amid de-dollarisation. Add in recessionary fears, inflation jitters, ETF inflows, and escalating geopolitical tensions, and you have got a global cocktail that's spiked the bullion buzz."
"In 2025 alone, gold climbed 30%, extending its rally towards $3,500. Much of this rise already priced in a medley of international tremors — from US-China tariff wars and Russia-Ukraine tensions to stagflation concerns in the West. And yet, there could still be a hidden trigger out there, yet to unfold," Acharya said.
The precious metal's golden sprint, up from Rs 99,500 just a day ago, signals not just financial anxiety but full-throttle festive sentiment. Akshaya Tritiya is around the corner, and even with the sky-high price tag, Gujarat's love affair with gold shows no signs of cooling.
"The emotional and cultural pull of gold on auspicious occasions like Akshaya Tritiya keeps demand strong. Price is no deterrent. However, this time, the price surpassed a psychologically high level and therefore, it remains to be seen how the sales pan out even for coins and bars," said Hemant Choksi, bullion trader at Manek Chowk.
Meanwhile, silver is close on gold's heels, now priced at Rs 96,500 per kg, reminding investors that even the white metal is no longer cheap.
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