The impact of the international market reached the gold market in Ahmedabad, with gold prices breaching a new bar of ₹70,500, rising ₹1,000 in a day.
The surge in gold prices in Ahmedabad can be directly attributed to the notable uptick in global gold prices, which rose by $35 on Mar 29, reaching a high of $2,229.87. Silver prices also rose by $24.96.
Despite the movement in the market during the Good Friday holiday, the commodity market jumped to record-high prices in Ahmedabad.
Even Mumbai’s bullion market soared, with ₹68,250 in gold and ₹74,550 in silver.
Gold price movement in the last five years
Year Average annual rate (₹)
2020 – 48,651
2021 – 49,720
2022 – 52,670
2023 – 65,330
2024 – 70,500
The rise in gold prices is attributed to reports of central banks around the world increasing their gold reserves and geopolitical uncertainty.