- Indian gold prices hit a record high on Tuesday
- 24-karat gold closed at Rs 1 lakh a 10 gram in Mumbai and 22-carat gold used to cost Rs 91,600 for 10 grams
- This is a tremendous increase in the value of gold
Gold prices have hit an all-time record in India, with 24-carat gold reaching Rs 1 lakh for 10 grams in Mumbai on Tuesday, and 22-carat gold closely following at Rs 91,600. While gold prices skyrocket, there are many who are extolling the virtues of age-old investment methods of Indian homemaker women. Business magnate Harsh took to X and said, "Indian women didn't hoard gold."
They built the nation's most stable investment portfolio stealthily. He continued that as men were investing in stocks and startups, Indian grandmothers pulled out things from their lockers and beat the market. Uday Kotak, a seasoned banker, also praised Indian women and termed the Indian housewife "the smartest fund manager in the world." His statement reflects how gold has been a fundamental component of Indian households and wealth management for a long time.
The gold price rise is not restricted to India alone. Even worldwide, prices rose to $3,486.85 (Rs 2, 96,943) an ounce of troy. It was triggered as a result of investor responses to U.S. President Donald Trump's comments about the Federal Reserve that created fear of Fed restructuring and a potential leadership transition. This devalued the U.S. currency, pushing it to its lowest point since 2022.
Gold has risen by almost 59 percent since March 2024, driven by a softening dollar, inflation fears and rising global tensions. Central banks in China, among others, have been ramping up purchases of gold, adding to the price surge.
India remains the second-largest gold market after China. In 2024, demand increased to 802.8 tons, up from 761 tons in 2023. The value of gold consumption also rose by 31 percent reaching Rs 5.15 lakh crore, according to the World Gold Council.
In India, gold is not just a piece of jewelry; it is regularly pledged for loans in tough times, e.g., education or medical bills. Specialists observe that demand for gold loans is increasing, with fintech platforms and digital lenders giving these loans greater accessibility, even in small towns.
The peaceful, consistent investment in gold by Indian women is today regarded as an intelligent and stable financial strategy. With the gold prices scaling all-time peaks, their financial wisdom glows more brightly than ever.
