BENGALURU: Ten grams of 24-carat gold crossed the Rs 1 lakh mark in Bengaluru. Gold traders in the city said this is an all-time high and that the price of the yellow glittering metal, except for some ‘corrections’, will only go north.
They predict that the rate of a kilo of gold, which is around Rs 1 crore now, will almost double to Rs 2 crore within five years.
On Monday morning, in the Bengaluru market, gold traders said one gram of 22-carat gold stood at Rs 9,285 and that of 24-carat at Rs 10,200, excluding GST and additional charges like making and wastage. The increasing price of gold has worried buyers, especially at a time when Akshaya Tritiya, which is considered auspicious to buy gold and silver, falls on April 30.
Suresh Kumar Ganna, former president of The Jewellers’ Association, Bengaluru, and a gold trader, told TNIE, “The rate of gold is escalating due to prevailing global uncertainty and the US dollar’s continued slide. Historically, gold has been considered a safe investment and it continues. It helps in easy liquidation, where you can convert gold into cash immediately in minutes, and no other medium gives this leverage.”
“India imports around 800-900 tonnes of gold every year, and as per rough estimates, our country has the highest gold reserves in the world, with people holding around 25,000 tonnes of gold,” said Ganna.
He said that in four months, the price of gold, which was around Rs 75,000 for 10gm, has jumped by over Rs 25,000.
Dinesh Pagaria, managing director of JJJ Jewellers Private Limited, said that within six years, the rate of gold has almost tripled. “Ten grams of 24-carat gold was within Rs 35,000 in 2019. Now, in 2025, the rate has tripled, standing at around Rs 1,03,000 lakh, excluding GST and other charges,” he said.
On the reasons for the sudden jump in prices, Pagaria said, “We are told by gold traders that of late, the Chinese are aggressively buying gold and increasing their gold reserves.
They are converting their dollar reserves into gold.” He said that gold is the only trustworthy currency and no other currency could replace it globally. Pagaria predicted that gold rates will witness over 25 per cent jump within this year.