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Gold prices in 1925 have increased from Rs 18.75 to Rs 84,000 at present. King Saraf of Sarafa Association by 2025 projects worth Rs 90,000, but public interest has been transferred to assets
Currently gold prices are around Rs 85,000 per bag. (Representative/Shuttersk)
Increasing value of Sleep Gold and silver prices become particularly striking when considering historical ups and downs. Records of Shekhar Raj Jewelers of Jabalpur, dating back in 1925, shows that the price of gold was Rs 18.75. Today, this price has increased dramatically to Rs 84,000.
Raja Saraf, president of Sarafa Association, has been running his shop since 1980. He remembers about 45 years ago, the price of gold was around Rs 1,330. Estimates suggest that by 2025, this figure can reach around Rs 90,000. Saraf stressed the trend of gold prices continuously, especially since 2010, with a rapid growth, it pushed it close to Rs 90,000.
A significant increase is detected in the last decade compared to gold prices. In 2015, gold was trading at around Rs 26,000 per bag. Currently, it is around Rs 85,000 per bag, with a sufficient difference of Rs 59,000.
This considerable value difference underlines the trajectory upwards of gold prices in recent years. While there has been only marginal increase in the previous years, the current trend indicates an increase of Rs 8,000 to Rs 8,000 per tolle annually.
However, despite the lack of public interest in purchasing gold and silver, the prices of gold are increasing. The current consumer focus has moved to the property, in which the activity has increased considerably with buying and selling. This is unlike the market 15 to 20 years ago, where women formed primary buyer demographic for gold and silver. The atmosphere of current inflation has led to a decline in their demand for precious metal jewelery.
