Gold Jewelry Takes a Backseat This Poila Boishakh as Prices Cross ₹1 Lakh Mark

By A Staff Reporter

Kolkata — Just days before Poila Boishakh, the Bengali New Year, gold prices have reached record-breaking levels, dampening the festive spirit for many who look forward to buying gold jewelry as part of the tradition. On Tuesday, the price of 24-carat gold surged to ₹91,750 per 10 grams, reaching approximately ₹94,500 after taxes. The price of 22-carat jewelry gold also shot up to ₹89,816 per 10 grams.

This sharp rise is being attributed to global economic uncertainties triggered by America’s recent counter-tariffs. The ripple effect was felt across markets, causing the Sensex to tumble over 1,000 points. Spooked investors pulled out of equities and rushed to gold as a safe haven, pushing up its demand—and price.

Jewelry shop owners say that the strengthening of the US dollar and fears of a global slowdown are pushing more people to invest in gold rather than traditional markets. “Gold has become the go-to asset right now. It's not just about tradition—it’s a hedge against uncertainty,” said one bullion trader.

However, there might be a sliver of hope. Ashok Bengani, president of Ankurhati Jewelry Park, believes that prices could correct by 6–7% in the coming days. “The market is highly volatile. If conditions ease a bit, prices might soften slightly before Poila Boishakh,” he said.

Despite that, this surge has left many shoppers disheartened. For Bengalis, gold jewelry is more than ornamentation—it’s a part of their cultural identity. But this year, many may have to reconsider their plans or turn to lighter, more affordable options.