Gold prices in India have shot through the roof, crossing the once-unthinkable mark of ₹1 lakh per 10 grams earlier this week. The sudden surge has left not just the markets reeling, but has also caused serious worry among everyday people — especially women who had been saving up to buy gold for weddings and festivals.
Traditionally, the months around Akshaya Tritiya and the wedding season see a spike in gold purchases, as families consider it both auspicious and essential. But with prices climbing so sharply, many middle-class households are now scrambling to adjust their plans.
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According to the All India Sarafa Association, the price of 99.9% pure gold in Delhi jumped by ₹1,800 on Tuesday, touching a record ₹1,01,600 per 10 grams. Some relief came later when prices dipped slightly following hints from the US Federal Reserve about a possible rate cut and a cooling off of trade tensions with China. By Thursday, gold had eased to ₹99,400 per 10 grams.
For many, though, the damage is already done.
“My daughter’s wedding is in November, and we had set aside money to buy gold months ago. Now, with prices like this, I don’t know how we’ll manage,” said Rupa, a resident of Noida, speaking to PTI.
Buying gold jewelry has always been an emotional tradition in India — one that women, in particular, treasure. Even now, despite the steep rise, the sentiment remains strong.
“We can’t imagine celebrating a festival or a wedding without gold,” said Sushila Devi from Mayur Vihar in East Delhi. “Earlier we would buy 10 grams; now, maybe we’ll settle for five. But not buying at all is not an option.”
Since December last year, gold prices have jumped by around ₹22,650 per 10 grams — a rise of nearly 29%. In terms of returns, gold has outshined both the stock market and bonds during this period, giving investors plenty to cheer about, even as buyers feel the pinch.
For jewelry lovers like Sita Sahu from Korba district in Chhattisgarh, the price spike has been nothing short of heartbreaking.
“I buy a piece of gold jewelry every year — it’s something I look forward to. Seeing gold cross ₹1 lakh just crushed me,” she said.
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In India, gold is much more than just an ornament. It’s a form of security, a savings tool, and often the first thing families turn to in times of need. This deep-rooted relationship with gold explains why, even with sky-high prices, the love for the yellow metal shows no sign of fading.
