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Gold prices have surged from Rs 18.75 in 1925 to Rs 84,000 at present. Raja Saraf of the Sarafa Association projects Rs 90,000 by 2025, but public interest has shifted to property
Gold prices currently stand at approximately Rs 85,000 per tola. (Representative/Shutterstock)
The soaring value of gold becomes particularly striking when considering the historical fluctuations in gold and silver prices. Records from Shekhar Raj Jewellers of Jabalpur, dating back to 1925, indicate that gold was priced at Rs 18.75. Today, that price has escalated dramatically to Rs 84,000.
Raja Saraf, President of the Sarafa Association, has been running his shop since 1980. He recalls that approximately 45 years ago, gold was priced around Rs 1,330. Projections suggest that by 2025, this figure could reach around Rs 90,000. Saraf emphasised the consistent upward trend of gold prices, especially since 2010, with a rapid surge pushing it closer to the Rs 90,000 mark.
A comparison of gold prices over the last decade reveals a significant increase. In 2015, gold was trading at around Rs 26,000 per tola. Currently, it stands at approximately Rs 85,000 per tola, marking a substantial difference of Rs 59,000.
This considerable price difference underscores the upward trajectory of gold prices in recent years. While previous years witnessed only marginal increases, the current trend points towards a yearly rise of Rs 8,000 to Rs 10,000 per tola.
However, this surge in gold prices is occurring despite a lack of public interest in buying gold and silver. The current consumer focus has shifted towards property, with buying and selling activity significantly heightened. This contrasts with the market 15 to 20 years ago, where women constituted the primary buyer demographic for gold and silver. The current inflationary environment has led to a decline in their demand for precious metal jewellery.
