HYDERABAD: Gold is one metal commonly found in almost every Indian household — often sitting idle in lockers but proving to be a last-minute lifesaver when needed. However, prices have now skyrocketed to unprecedented levels, with gold hitting an all-time global high of $3,385.08 per ounce, driven by ongoing US-China tariff tensions.
This dramatic surge has had a ripple effect across international markets. In India, the price of 24-carat gold has soared to Rs 99,660 per 10 grams, sending shockwaves through consumers — especially during the ongoing wedding season in states like Telangana.
In Telangana, summers are traditionally a peak period for weddings, which typically drives strong demand for gold jewellery. But this year, the spike in prices has significantly changed consumer behaviour. Many jewellers across the state are reporting a sharp decline in footfall and sales.
“Summers are typically when most marriages happen, and marriage obviously means gold. But due to the steep price hike, people are hesitant and waiting for prices to fall. Sales have dropped by 50–90%, with purchases happening only when absolutely necessary,” said Mahaveer Bohra, a jeweller from Secunderabad.
This shift in buying sentiment has not only affected large retailers but has also taken a toll on small, local jewellery shops that depend heavily on seasonal wedding sales. The volatility has sparked mixed reactions from the public, with many adopting a wait-and-watch approach.
Adding to the uncertainty, rumours of a potential drop in gold prices have been circulating on social media, influencing buying decisions.
“I believe gold prices will drop — maybe even by 30%. I’m planning to wait another 6 to 9 months before buying,” said Sucherita Divakar, an educationist from Hyderabad.
However, industry insiders are cautioning against overly optimistic expectations. Many jewellers have dismissed social media speculation that prices could fall below Rs 56,000 per 10 grams, calling such claims misleading.
“Gold prices might dip slightly in the coming months, but not drastically. A maximum drop of 5–10% is more realistic, which would bring prices down to around Rs 85,000–Rs 90,000 per 10 grams,” said another jeweller.
As the wedding season continues, gold remains an essential part of celebrations in Indian households — but with its soaring prices, many families are being forced to rethink the timing and scale of their purchases.