Ahmedabad: Gold prices in city markets surged to an all-time high of Rs 96,300 per 10 grams on Friday, rising sharply from Rs 94,000 on Thursday, as global demand spiked amid geopolitical uncertainty and a weakening global economy. In the international market, gold witnessed a steep rise over the past three trading sessions, jumping from $2,970 to $3,078 and then to $3,200 per ounce.
“The surge is driven primarily by strong buying from China. Due to ongoing trade tensions and economic headwinds, China stepped up its gold purchases. Central banks across the world have already been accumulating gold, and China has now intensified its buying,” said Haresh Acharya, director of the India Bullion and Jewellers’ Association (IBJA).
Even in Dubai, a key bullion trading hub, the yellow metal is trading at a $2 premium, reflecting tight supply and rising global demand, Acharya added.
Closer to home, the price surge is making gold increasingly inaccessible for retail buyers. What was once a traditional investment and a staple in weddings and festivals is now slipping out of reach for the average Indian. “Gold has now turned into a luxury for many households,” said a bullion trader from the city.
With central banks fortifying their reserves and retail investors struggling to keep pace, the metal is glittering more than ever — but for many, it’s now behind a pane of glass.
Ahmedabad: Gold prices in city markets surged to an all-time high of Rs 96,300 per 10 grams on Friday, rising sharply from Rs 94,000 on Thursday, as global demand spiked amid geopolitical uncertainty and a weakening global economy. In the international market, gold witnessed a steep rise over the past three trading sessions, jumping from $2,970 to $3,078 and then to $3,200 per ounce.
“The surge is driven primarily by strong buying from China. Due to ongoing trade tensions and economic headwinds, China stepped up its gold purchases. Central banks across the world have already been accumulating gold, and China has now intensified its buying,” said Haresh Acharya, director of the India Bullion and Jewellers’ Association (IBJA).
Even in Dubai, a key bullion trading hub, the yellow metal is trading at a $2 premium, reflecting tight supply and rising global demand, Acharya added.
Closer to home, the price surge is making gold increasingly inaccessible for retail buyers. What was once a traditional investment and a staple in weddings and festivals is now slipping out of reach for the average Indian. “Gold has now turned into a luxury for many households,” said a bullion trader from the city.
With central banks fortifying their reserves and retail investors struggling to keep pace, the metal is glittering more than ever — but for many, it’s now behind a pane of glass.