Breaking all previous records, gold and silver prices have surged far beyond expectations due to strong demand and a sharp depreciation of the rupee against the US dollar. Gold reached a lifetime high of Rs 103,900 per 10 grams, while silver climbed to Rs 121,500 per kilogram in the Sarafa market, Itwari.
Following a strong response during Ganesh Chaturthi, city jewellers are optimistic about exceptionally high demand in the upcoming Diwali and wedding season. Many believe that gold prices could rise to Rs 1,20,000 per 10 grams by the end of the year. Similarly, silver is expected to reach Rs 1.30 lakh per kilogram during the same period, according to prominent jewellers. (Note: Prices exclude GST and other charges.)
Rajesh Rokde, Director of Rokde Jewellers, Chairman of the All India Gem and Jewellery Domestic Council (GJC), and President of the Nagpur Sarafa Association, told The Hitavada that both gold and silver are witnessing a stellar rally due to strong demand in domestic and international markets, driven in part by Trump’s tariff war and global economic uncertainty.
Rokde added that several factors are contributing to the rise in gold prices amid today’s global challenges. The recent US government tariff hikes on several countries, including India, have further fueled the rally. Additionally, many nations are pursuing de-dollarisation, reducing their reliance on the US dollar as a reserve currency and medium of exchange.
He also noted that the US Federal Reserve’s plans to cut interest rates are encouraging investors to turn to gold as a safe-haven asset. Central banks are buying gold in large quantities to strengthen their currencies, which is further pushing prices higher.
Kishore Sheth, Director of Batukbhai and Sons Jewellers, said that gold and silver prices are expected to continue rising and reach new highs in the coming days. With the festive season in full swing, jewellery shops are bustling with customers. Those who had been waiting for prices to drop now understand that both metals are on an upward trajectory. Many have accepted the higher rates and see buying gold jewellery, silver idols, utensils, and coins as a sound investment.
| Gold Type | Sale Rate/10 gm | Purchase Rate/10 gm |
| Gold 24 karat | Rs 103,900 | Rs 102,900 |
| Gold 22 karat | Rs 96,600 | Rs 94,600 |
| Gold 18 karat | Rs 81,000 | Rs 79,000 |
| Gold 14 karat | Rs 67,500 | Rs 65,500 |
👉 Click here to read the latest Gujarat news on TheLiveAhmedabad.com