Gold Prices Soar to ₹93,595: What It Means for Your Money
You know that sinking feeling when you realize you should’ve bought gold last month? I felt it this morning when I saw the latest numbers – gold futures jumped ₹694 in a single day to reach ₹93,595 per 10 grams. My jeweler friend Ramesh put it best: “Even we’re surprised when opening the shop each morning now.”
This isn’t just another market fluctuation. As someone who’s tracked gold prices through three major rallies, I can tell you this surge tells us something important about where the economy is heading. Let me break it down in plain terms.
Why Your Family WhatsApp Group Is Buzzing About Gold
Remember when gold crossed ₹50,000 during COVID? That felt crazy at the time. Now we’re flirting with ₹1 lakh, and here’s what’s really driving it:
- The Great Rate Cut Wait
The US Fed has been playing a game of “will they or won’t they” with interest rate cuts. When weak jobs data came out last week, gold immediately jumped ₹300 – traders took it as a sign cuts are coming. - Geopolitical Jitters Are Back
My cousin in the jewelry business says: “Whenever there’s Middle East trouble, our NRI customers start buying like there’s no tomorrow.” The recent oil supply scare proved him right again. - The RBI Is Stocking Up
Our central bank quietly bought 12 tonnes last quarter – they know something we don’t. As my economics professor used to say: “When central banks buy, retail investors should pay attention.”
The Million-Rupee Question: Should You Buy Now?
Here’s the dilemma every Indian family is facing:
Reasons to buy:
- Wedding season demand typically pushes prices higher
- If the rupee weakens further (experts predict 84-85/$), imports get pricier
- Physical gold is still the ultimate “under the mattress” security
Reasons to wait:
- The RSI technical indicator shows gold is overbought (that means a short-term dip is likely)
- My local jeweler in Zaveri Bazaar says even he’s seeing some resistance at these levels
- SGBs might offer better value when the new series launches
What My Smartest Investor Friend Is Doing
Rahul (who nailed the 2020 gold rally) shared his strategy over chai last week:
- He’s putting 60% of his gold money into SGBs (the 2.5% interest is better than a FD)
- 30% in Gold ETFs for flexibility
- 10% in physical gold – “for emergencies and my daughter’s wedding”
The Bottom Line
Gold at ₹93,595 feels expensive, but remember:
- In 2008, people thought ₹15,000 was too high
- In 2013, ₹30,000 seemed the peak
- In 2020, ₹50,000 looked unsustainable
As my grandmother used to say while counting her sovereigns: “Gold isn’t about timing the market, it’s about time in the market.” If you’re buying, do it systematically. And maybe – just maybe – keep some cash ready for when the inevitable dip comes.
What’s your gold strategy? Hit reply – I read every response and might feature your approach in my next piece.
