Price of Gold/Trend: You must be aware that the price of gold is increasing day by day. In the last year alone, the price of gold has increased by almost 47%. And a few days ago, gold had crossed the price of 1 lakh INR. Today, I am going to talk about a very interesting topic on this issue – if you have 1 kg of gold, you will soon become a “Crorepati” millionaire! And this is true.
Calculation of 1 kg of gold and becoming a millionaire
On May 17, 2025, the price of 24-carat gold in India was approximately ₹9,606 per gram (information is taken from various websites and market trends). So for 1 kg of gold (1 kg = 1,000 grams), we would calculate:
1,000 grams × ₹9,606 = ₹96,06,000
That is, if you have 1 kg of gold, you are a little bit away from becoming a millionaire! Because the current price of gold is around ₹96 lakhs! But wait, the story does not end here!
Gold had taken a huge leap in the past. In 2024, the price of gold had reached ₹80,710 per 10 grams (in November 2024). That is, the price of 1 kg of gold then was:
1,000 grams ÷ 10 = 100
100 × ₹80,710 = ₹80,71,000
But in the past, the price of gold has fallen slightly. After Diwali 2024, the price of gold had come down to ₹75,920 per 10 grams, meaning the price of 1 kg of gold was then ₹75.92 lakhs. But still, ₹96 lakh is not a small amount at the moment, right?
Chances of becoming a millionaire again!
Gold prices always fluctuate, but gold is likely to become even more expensive in the future. According to various experts, the price of gold can go from ₹3,50,000 to ₹5,00,000 per 10 grams (one Tola) by 2030, which means that the price of gold can increase by 3 to 5 times.
This means that the minimum price of 1 kg of gold in 2030 will be 1,000 × ₹3,50,000 = ₹3.50 crore!
Yes, if you keep 1 kg of gold now, you can definitely become a “Crorepati” millionaire in the future! But remember, gold prices depend on many things – such as the global economic situation, the dollar rate, and demand in India. So, it may be a bit of a risk.
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A look at how gold prices changed in the last 10 years.
Let’s take a look back a little – how have gold prices changed in the last 10 years? And what is the percentage increase compared to the previous year?
| Year | Price (24 Karat per 10 grams) | % Increase from Previous Year |
|---|---|---|
| 2025 | Rs. 94,630.00 (as of 8th May) | 47.74% (from 2024: Rs. 64,070) |
| 2024 | Rs. 64,070.00 | -1.93% (from 2023: Rs. 65,330) |
| 2023 | Rs. 65,330.00 | 24.02% (from 2022: Rs. 52,670) |
| 2022 | Rs. 52,670.00 | 8.11% (from 2021: Rs. 48,720) |
| 2021 | Rs. 48,720.00 | 0.14% (from 2020: Rs. 48,651) |
| 2020 | Rs. 48,651.00 | 38.13% (from 2019: Rs. 35,220) |
| 2019 | Rs. 35,220.00 | 12.03% (from 2018: Rs. 31,438) |
| 2018 | Rs. 31,438.00 | 5.97% (from 2017: Rs. 29,667.50) |
| 2017 | Rs. 29,667.50 | 3.64% (from 2016: Rs. 28,623.50) |
| 2016 | Rs. 28,623.50 | 8.67% (from 2015: Rs. 26,343) |
| 2015 | Rs. 26,343.00 | -5.94% (from 2014: Rs. 28,006.50) |
Why do goldsmiths always buy gold at a lower price?
Now let’s move on to the second question – I always wondered why the goldsmith gives less money for the gold we buy from the goldsmith when we go to sell it back.
So, suppose you buy 1 tola of gold for ₹50,000 today (1 tola = 10 grams), and after a few days, its rate has increased to ₹60,000 per tola. But when you go to sell it, the goldsmith offers you only ₹55,000 or less. Why is this happening? There are a few reasons for this.
- Making charges and wastage: When you buy gold jewellery, there are charges (cost of making the jewellery) and wastage charges (waste while making the gold) attached to it. These charges can be around 10% to 20%. So, if you buy a piece of jewellery for ₹50,000, it will only contain ₹40,000 worth of gold, and the rest will be the making charges. But when the goldsmith takes it back, he only pays the price of the gold, not the making charges.
- Purity of gold: The gold you buy may be 22 carats or 18-carat, which is not 100% pure. The goldsmith tests the gold and prices it according to its purity (such as 91.6% purity for 22 carats). If he thinks the gold is less pure, he will pay less.
- The difference in the market: When you sell gold, the goldsmith takes it to resell or melt it down to make new jewellery. He wants to make a profit from it. So, he buys it at a slightly lower price than the market price (₹60,000), so that he can make a profit later.
- Price of used gold: If you are selling used jewellery, its price is lower than that of new jewellery. Because the used gold has to be reprocessed, which increases the goldsmith’s costs.
- Market fluctuations: The price of gold changes daily. If the price has gone down on the day you go to sell the gold, the goldsmith will pay at that reduced rate. Also, the price depends on the demand and supply in the local market.
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