Gold Prices Hit Historic Highs, Spark Concern Among Consumers

Bhubaneswar, Sept 9 — Gold prices in India have soared to unprecedented levels, crossing Rs 1 lakh per 10 grams for 22-carat gold, leaving consumers and investors both stunned and concerned.

In Bhubaneswar, the price for 22-carat gold reached Rs 1,11,000 per 10 grams, while 24-carat gold touched Rs 1,10,290 — marking a sharp Rs 1,250 increase from the previous day.

This surge is attributed to global economic uncertainty, particularly stemming from U.S. President Donald Trump’s tariff plans, which have rattled markets and driven investors toward safer assets like gold.

Central banks in China and Russia have ramped up gold purchases, further fueling demand. Additionally, the depreciation of the Indian rupee against the U.S. dollar has intensified the rally.

Over the past eight months, gold prices have skyrocketed by Rs 29,493 per 10 grams. For many middle-class and lower-income families, gold has become a luxury rather than a tradition, raising concerns about affordability during festive and wedding seasons.

Experts suggest that the rally may continue, with international forecasts predicting that gold could reach $3,640 per ounce.

For long-term investors, this may be a strategic moment to consider gold as a hedge against volatility.