Crime Today News
The price of gold crossed an all-time high of just above Rs 98,500 per 10 grams for 99.9% purity or 24 carats, and nearly Rs 90,000 for 99.5% purity or 22 carats, this week. The unprecedented rise in the price of gold has put medium and small jewellers in jeopardy, with many reporting over 20 percent loss of business.
Gold prices are continuing to surge as global uncertainty persists, with the US-China trade war disrupting supply chains and stoking fears of inflation and recession. While markets grapple with these risks, it has reinforced gold as a reliable hedge. However, for small buyers the price rise has taken away their purchasing power.
The situation is even worse for small, traditional goldsmiths. Many were already struggling to stay in the profession due to the mushrooming of large jewellery stores. For them, the price rise is a double whammy. Gold traders believe the prices will go up further and it is a good time to invest in the yellow metal. But how feasible buying is for small and medium consumers is a question that is begging to be answered.
Published on April 21, 2025
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