Gold buyers faced another shock on Tuesday as prices of the yellow metal scaled fresh lifetime highs across India. In Delhi, the price of 24-carat gold jumped by ₹500, taking it to a historic ₹1.20 lakh per tola (10 grams). Similarly, 22-carat gold touched ₹1,19,400 per tola, marking an all-time record.
In Vijayawada, gold prices also surged sharply. According to the All India Sarafa Association, the rate of 10 grams of 22-carat gold climbed to ₹1,05,450 with a hike of ₹1,300, while 24-carat gold rose to ₹1,18,310 with a hike of ₹1,420. Silver too continued its rally, reaching ₹1,61,000 per kilogram.
Market experts say the surge is driven by global cues – the weakening of the US dollar, expectations of a further rate cut by the US Federal Reserve, and fears of a possible US government shutdown. Commodity analysts also point out that uncertainty in the global economy is pushing investors towards safe-haven assets like gold and silver.
In Hyderabad, 24-carat gold was quoted at ₹1,17,440 per 10 grams, while 22-carat gold stood at ₹1,07,650.
For ordinary buyers, the news has brought disappointment. Many families, especially those planning weddings and festive purchases, are worried as the skyrocketing gold prices are making it harder to buy jewellery. Silver, often considered the “common man’s gold,” too has touched historic highs, further burdening middle-class households.
“We have never seen such prices in our lifetime,” said a customer at a jewellery shop in Vijayawada, reflecting the shock among buyers.
With global markets fluctuating, experts caution that prices could continue to remain volatile in the coming weeks.
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