Gujaratis Cash In on Record Gold Prices, Sell Rs 3,804 Cr Worth

Record gold prices in India prompted Gujaratis to sell idle jewellery for cash. According to the World Gold Council, Indians sold 50.4 metric tonnes of scrap gold between January and June this year.

The value of recycled gold was estimated at around Rs 76,087 crore based on average quarterly prices on the Multi Commodity Exchange. Gujarat accounts for roughly 5% of the country's scrap gold market.

Industry experts said that people in Gujarat generally have an investment mindset and view gold as a long-term asset rather than a source of immediate liquidity.

Gold prices surged to an all-time high of Rs 1.79 lakh per 10g in Ahmedabad, encouraging many households to monetise old jewellery. However, the sharp rise in gold prices has impacted jewellery purchases, with demand falling by 17% year-on-year.