Gold Prices Soar to Record ₹1 Lakh per 10 gm

New Delhi : Gold prices have surged to an all-time high, with domestic rates in India touching the historic mark of ₹1 lakh per 10 grams, driven by escalating global financial uncertainty. The catalyst for the latest rally was widespread speculation that former U.S. President Donald Trump might dismiss Federal Reserve Chair Jerome Powell, shaking investor confidence and triggering a global flight to safety.

This unprecedented surge in gold prices has not only sent tremors through the international markets—prompting sell-offs in U.S. stocks, bonds, and the dollar—but has also deeply impacted Indian consumers, especially as the country heads into Akshaya Tritiya, one of the most auspicious festivals for buying gold.

In India, gold holds deep cultural and financial significance. It’s considered a traditional hedge against inflation and economic instability, and its purchase during Akshaya Tritiya is believed to bring prosperity and good fortune. However, with the price per 10 grams reaching six figures for the first time, the affordability of the yellow metal has come under severe pressure.

The Indian middle class, already battling inflationary pressures in essential goods and services, now faces a tough choice—whether to maintain the tradition of gold purchases or postpone their investments. Financial planners have noted a shift in behavior, with more people opting for lightweight jewellery, gold coins of smaller denominations, or even digital gold as alternatives.

Among those feeling the brunt of this price surge are Indian housewives, long known as the custodians of family gold savings. Traditionally, women in Indian households accumulate gold over years as a form of financial security. With prices skyrocketing, many are now forced to scale down their purchases or re-evaluate their long-term investment strategies.

Jewellers across India are reporting cautious footfall in stores, with a significant number of buyers taking a “wait-and-watch” approach. Yet, despite the high prices, demand hasn’t entirely disappeared, as gold continues to hold emotional and symbolic value, particularly during the festive season.