October 24: Gold price surges today; expected to hit Rs 1 Lakh by 2025

It is for the first time that 10 grams of 24-carat gold have crossed Rs 80,000. On Monday, the price reached Rs 80,070.
The monumental increase, however much to the discomfort of middle-class families getting married in the wedding season of Ashwiyuja month, indicates that India, the second largest consumer of gold in the world, looks up to gold to celebrate its different cultures.

The gold price has been on an upward scale for the last ten years. The 10-gram price in July was at Rs 75,000. When the central government reduced import duty on gold, the prices fell for a while but then remained on an upswing since then.

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The gold price variation is historically very high. The same quantity now sells at Rs 99 as it was priced in 1950 went to Rs 10,000 by 2008 and Rs 18,000 by 2010. Today, October 24, 24-carat gold sells at Rs 80,070.

There have also been recent policy changes by the government in the direction of curbing smuggling. Custom duty was accordingly reduced from 10% to 5% and Agricultural Infrastructure Development Cess from 5% to 4% respectively, lowering the prices for some time. Of late, however, prices have reached new and the highest marks ever.

Gold is the blue in investment and culture in India. Its trend in price makes many feel that it may perhaps not have a future in the market.

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