Bullion bonanza: Gold price soars to 1.02L in Ahmedabad markets, investors gain big
2
Ahmedabad: The glitter of gold has never been this bright, ever! On Tuesday, the yellow metal blazed past the Rs 1 lakh mark, dazzling retail markets at a whopping Rs 1,02,000 (Rs 1.02 lakh) per 10 grams, a first-ever feat that has jewellers wide-eyed and investors watching every tick.
Globally, gold surged to $3,396.57 per troy ounce, while the rupee's slump to 85.19 against the dollar added rocket fuel to the local price rise. In just under five years — 1,763 days to be precise — gold doubled, from breaching Rs 50,000 per 10g in June 2020 to its present jaw-dropping summit.
Investors who bet on bullion struck glittering gold — quite literally. Since June 24, 2020, when prices first crossed Rs 50,000, gold in Ahmedabad doubled, delivering a 100% return in under five years. Even those who entered the market at the start of this year haven't been left behind — gold surged nearly 23% since Jan 1, 2025, when it hovered around Rs 83,000 per 10g.
For sharp-eyed investors who jumped in exactly a year ago on April 22, 2024, when the yellow metal was priced at Rs 75,200, the gain is a spectacular 35%. Silver, too, sparkled up nearly 16% in the same period, from Rs 83,000 per kg to Rs 96,500. It's been a stellar year for precious metals, proving yet again why gold and silver remain the go-to safe havens when uncertainty reigns.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Vor 2000 geboren? Dieses Spiel ist für Dich!
Heroes of History
Jetzt spielen
Undo
Haresh Acharya, director of India Bullion and Jewellers' Association (IBJA), said, "It's a potent mix of factors, from Trump's renewed pressure on the US Fed to central bank gold hoarding amid de-dollarisation. Add in recessionary fears, inflation jitters, ETF inflows, and escalating geopolitical tensions, and you have got a global cocktail that's spiked the bullion buzz."
"In 2025 alone, gold climbed 30%, extending its rally towards $3,500. Much of this rise already priced in a medley of international tremors — from US-China tariff wars and Russia-Ukraine tensions to stagflation concerns in the West. And yet, there could still be a hidden trigger out there, yet to unfold," Acharya said.
The precious metal's golden sprint, up from Rs 99,500 just a day ago, signals not just financial anxiety but full-throttle festive sentiment. Akshaya Tritiya is around the corner, and even with the sky-high price tag, Gujarat's love affair with gold shows no signs of cooling.
"The emotional and cultural pull of gold on auspicious occasions like Akshaya Tritiya keeps demand strong. Price is no deterrent. However, this time, the price surpassed a psychologically high level and therefore, it remains to be seen how the sales pan out even for coins and bars," said Hemant Choksi, bullion trader at Manek Chowk.
Meanwhile, silver is close on gold's heels, now priced at Rs 96,500 per kg, reminding investors that even the white metal is no longer cheap.
Box:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
21 minutes ago
- Hindustan Times
Explained: Donald Trump's landmark $1.35 trillion trade deal with EU before tariff deadline
In a significant breakthrough, President Donald Trump on Sunday announced that the United States and the European Union have reached a comprehensive trade deal, just days before a 30 per cent tariff on European imports was due to take effect. U.S. President Donald Trump and European Commission President Ursula von der Leyen announced a trade deal between the US and the EU.(REUTERS) After high-stakes negotiations in Scotland's Turnberry with European Commission President Ursula von der Leyen, the two leaders revealed a new trade framework aimed at averting a full-blown transatlantic trade war. The deal, according to CNN, hailed by both sides as 'powerful' and 'historic', centers around new tariffs, large-scale energy purchases, and significant investment commitments. Also read: Donald Trump turns up to play golf amid protests against his Scotland trip What does the US-EU deal include? Under the terms of the agreement, the EU will purchase $750 billion worth of US energy, marking a massive expansion in transatlantic energy cooperation. Additionally, the 27-member bloc has committed to investing $600 billion more into the US than its current levels, stated another CNBC report. The report added that in exchange, Trump has agreed to impose a 15 per cent tariff on most European imports to the US, down from the 30 per cent rate he previously announced. The deal is expected to significantly ease trade tensions between the long-time allies. A CNBC report quoted Donald Trump declaring that this was a 'very big deal, biggest of all' as he stood alongside von der Leyen. Meanwhile, the European Commission chief, speaking after the meeting, acknowledged the difficulty of the talks and said, 'It is a good deal, it is a huge deal, with tough negotiations.' Donald Trump-EU deal impact The agreement was finalized just before the August 1 deadline, after which the Trump administration had vowed to raise tariffs on most EU goods from 10 per cent to 30 per cent. Earlier in the day, US Commerce Secretary Howard Lutnick had reaffirmed that Washington would not give further extensions, calling the deadline 'firm', reported CNN. Had the talks collapsed, Brussels was prepared to launch a major counter-tariff package targeting a wide range of US exports and invoke its new Anti-Coercion Instrument, a legislative mechanism designed to push back against economic pressure. Also read: Trump says US will work with Thailand and Cambodia, adds both 'want to settle' A fractured trade relationship The US-EU trade relationship is among the world's largest, valued at nearly $1.97 trillion in 2024, including both goods and services. While the EU ran a goods trade surplus, it faced a deficit in services, resulting in an overall $58.7 billion surplus with the US. Trump repeatedly criticized the imbalance and used it to justify tougher trade terms. 'The US and EU have one of the largest trade deficits,' he had said, defending the imposition of tariffs as leverage. FAQs What is the latest trade deal Trump announced? Trump and EU President Ursula von der Leyen finalized a deal where the EU will buy $750 billion in US energy and invest $600 billion more into the country in exchange for lower tariffs. Why was this deal considered urgent? It came just days before Trump was set to increase tariffs on European imports from 10 per cent to 30 per cent on August 1. What was at stake in the US–EU trade balance? The EU had a $58 billion overall surplus with the US in 2023, mainly due to goods exports, prompting Trump to demand fairer trade terms. What other trade deals has the Trump administration secured? The administration has renegotiated NAFTA (now USMCA), reached agreements with Japan and South Korea, and imposed tariffs on China during its broader trade overhaul. What is the proposed new tariff structure? Instead of the planned 30 per cent hike, the new deal imposes a 15 per cent across-the-board tariff on most EU imports. What are the key risks or criticisms? Critics argue the deal may strain diplomatic ties, shift costs to consumers, and provoke retaliation from other trading partners not offered similar terms.
Time of India
36 minutes ago
- Time of India
Leo Daily Horoscope Today, July 28, 2025: Let forgiveness clear your heart
Today, you are being guided to release what no longer serves your peace. Holding on to past hurts may seem natural, but it quietly creates heaviness in your heart. This is the right time to forgive, not because they were right, but because you deserve to feel light and free. Your calmness is your real power. Do not wait for apologies to begin healing. Inner peace begins when you release pain with compassion and understanding. Leo Love Horoscope Today In love, past misunderstandings may resurface, but they are coming up for healing. If you are in a relationship, avoid keeping old issues alive in silence. Share your feelings gently and listen without judgment. Your bond will grow when forgiveness becomes mutual. If you are single, do not let past disappointments affect how you see new love. Open your heart without fear. True connection begins with emotional freedom. Release old doubts, and love will come with a soft and kind face. Leo Career Horoscope Today Your workday may offer a chance to reset your professional image. If a past mistake or conflict is troubling you, take responsibility and make peace with it. Do not carry guilt in your career space. People respect those who are willing to grow. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brain tumor has left my son feeling miserable; please help! Donate For Health Donate Now Undo Apologise if needed, forgive someone silently if it brings clarity. New opportunities may arise if you act maturely. Show leadership through emotional balance. Today is about healing even at work, which allows success to enter with ease. Leo Money Horoscope Today Financial matters may feel connected to emotional patterns. You may notice that spending is sometimes influenced by mood or past pressures. Take a moment to forgive yourself for past financial mistakes. They were lessons, not failures. Now you are wiser. Today is good for revising your budget or forgiving someone who delayed a payment. Let peace guide your money choices. You will feel lighter and more confident when you release stress from your financial past. Prosperity flows to a calm and forgiving heart. Leo Health Horoscope Today Your body may carry emotional weight today. If you feel heaviness in the chest or tiredness without clear reason, it could be due to unexpressed emotions. Drink warm water and spend quiet time with yourself. Avoid loud spaces and heavy foods. Practice slow breathing or light stretching to release tension. A hot oil head massage can also ease the mind. Your health is deeply linked to your emotional state now. Forgive gently, and your body will begin to feel light and peaceful. Discover everything about astrology at Times of India , including daily horoscopes for Aries , Taurus , Gemini , Cancer , Leo , Virgo , Libra , Scorpio , Sagittarius , Capricorn , Aquarius , and Pisces . Read your detailed Horoscope Today and Horoscope Tomorrow here.
Time of India
an hour ago
- Time of India
Robust tourism helps excise dept boost revenue by 45% since 2022
Panaji : Goa's excise department has seen a significant jump in revenue, with a 45% increase over the last four financial years. The department raked in Rs 947.9 crore in 2024-25, as against Rs 650 crore in 2021-22. This increase is attributed to robust tourist footfalls and enforcement by the department. Goa's excise collection shot up to Rs 865 crore in 2022-23 due to several measures implemented by the excise department. In 2023-24, the department's revenue increased to Rs 900.2 crore. Goa's excise revenue is largely driven by tourists who either purchase alcohol from retail stores or consume liquor at restaurants and hotels. Alcohol sales are also driven by events in the state. Data shared with the legislative assembly also shows that Rs 4.1 crore is owed to the department by 242 retail outlets, bars and alcohol manufacturers since 2018. Of the 242 defaulters, most are from Tiswadi and Salcete talukas. While some of the licence holders have come forward and cleared their dues, the department has been forced to issue notices to most of the excise licence holders to recover what is owed. Those outlets which have ignored notices and reminders to pay the annual audit fees risk having their licences being cancelledwith the department already proposing to cancel some licences">, said officials. In the Goa budget 2023-24, the excise duty on high-end liquor was reduced and duty on other categories of Indian made foreign liquor (IMFL) was marginally increased to shore up revenues. The department said that while no tax refund or waiver has been granted under the Excise Duty Act, applicants have been offered an adjustment of excise duty only in cases where permits are cancelled and the said excise duty paid for liquor goods in these cancelled permits are adjusted in their future permits.
