Gujaratis Cash In on Gold Rally with Rs 3,804 Crore Worth Sold
Gujaratis are taking advantage of record-breaking gold prices to sell their old jewellery for cash, with an estimated Rs 3,804 crore worth sold in the first half of 2026. The surge in prices prompted many households to monetise their idle gold, even as some chose to hold on to it in hopes of further gains.
The World Gold Council (WGC) reported that Indians sold 50.4 metric tonnes of scrap gold between January and June this year, valued at around Rs 76,087 crore based on average quarterly prices on the Multi Commodity Exchange (MCX). This is a significant increase in value despite a decline in volumes.
Industry experts say Gujarat's share of the scrap gold market remains relatively modest, with investors in the state typically viewing gold as a long-term asset rather than a source of immediate liquidity. 'The trend of selling gold for cash is much lower in Gujarat,' said Haresh Acharya, director of the India Bullion and Jewellers' Association (IBJA). 'People here generally have an investment mindset.'