New Delhi, Apr 25 (PTI) The price of gold in the country has touched a historic high and briefly crossed the figure of one lakh rupees per ten grams. This unprecedented increase in the price has not only shocked the market but has also deeply affected ordinary people, especially women, who were hoping to buy this yellow metal.
At a time when buying gold is the priority of every Indian household during Akshaya Tritiya and wedding season, the unexpected surge in the price of this precious metal has shocked middle-class families.
According to the All India Sarafa Association, gold of 99.9 per cent purity in the national capital rose by Rs 1,800 on Tuesday this week to an all-time high of Rs 1,01,600 per 10 grams. However, gold prices have softened a bit due to the indication of an interest rate cut by the US Federal Reserve and some easing of tension with China over tariffs. On Thursday, the price of gold was Rs 99,400 per 10 grams.
Rupa from Noida, Uttar Pradesh, told PTI, “My daughter is getting married in November, and suddenly, the price of gold has increased so much…Now, how will I buy gold for the wedding?” Buying jewellery has been a priority for women during festivals and family events. Despite rising prices, many women believe that without gold jewellery, such occasions seem incomplete.
“If we don’t buy gold for festivals or weddings, we feel that something is missing. The only thing is that we used to buy 10 grams earlier, but now we will buy five grams,” Sushila Devi of east Delhi’s Mayur Vihar said.
Gold has become costlier by about Rs 22,650 per 10 grams, or about 29 per cent, since December last year. Experts say that in terms of returns, gold has performed better than shares and bonds.
Chhattisgarh’s Sita Sahu, who is fond of wearing jewellery, said she is upset after seeing the price of gold.
“I am very fond of wearing jewellery, and I buy gold once a year. It is heartbreaking for me to see the price of gold crossing Rs 1 lakh,” Sahu said from Korba district.
In India, gold is not only seen as jewellery but also as an investment and emergency savings. This is the reason why India is a leader in gold’s household ownership.
Indian women, according to the World Gold Council, collectively own around 24,000 tons of gold. This volume accounts for about 11% of the world’s total gold reserves in jewellery form.
Archana Deshmukh (65) of Pune, Maharashtra, said, “My husband used to buy a little gold every year. Now, he is no more. But those jewellery are my honour and support today.” Amidst the rising prices, the worries of bullion traders are also no less. Many shopkeepers say that customers are coming, but there has been a massive decline in purchases.
Sonu Soni, a goldsmith of Urmila Jewelers in Mayur Vihar, Delhi, told PTI, “We have been in this business for decades, but this is the first time that customers’ eyes are more confused than happy.
“Earlier, people used to look at the designs of the jewellery. Now, they are returning after just asking the price. We fear that if these prices remain like this, it will be difficult for small shopkeepers to survive, and the business will slow down,” he added.
However, Karan Soni of Radheshyam Jewelers sounded optimistic and said that as long as there are women, there will be goldsmiths.
“Gold and gold jewellery matter to women. They will save and will definitely buy gold, even if it is just a little,” he said.
