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Gold prices in India have surged to new all-time highs as 2025 begins, following a period of moderation in November and December. While higher prices have dampened demand for gold jewellery, they have continued to drive investment demand.
India remains the world’s second-largest gold market, and despite a 6% drop in rupee terms during the last two months of 2024, gold still outperformed other asset classes. The metal posted a 21% annual gain, compared to a 26% return in dollars.
Starting in January, gold prices rebounded, rising by 10% in rupee terms (approximately $286 in dollar terms). The price has set several records, peaking at ₹86,831 per 10 grams.
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