Ahmedabad Gold Prices Hit Record High Amid Festive Demand Pressures

Gold prices in Ahmedabad have hit Rs 1.7 lakh per 10g, a rise that is expected to continue ahead of the festive season. This upward trend has been ongoing for months, with prices hovering around Rs 1.35-1.5 lakh per 10g.

The current price surge can be attributed to international gold prices and expectations surrounding US interest rates. Additionally, geopolitical uncertainty, particularly in the US-Iran talks, is also contributing to demand for gold as a safe-haven asset.

Jewellers in Ahmedabad are concerned about the sustained price rise, citing reduced consumer spending due to increased costs. They note that young buyers are opting for lower-carat jewelry and even silver jewelry, while others are postponing discretionary purchases or exchanging old jewelry.