Gold prices in India crashed during a major key event on May 1. States like Gujarat and Maharashtra are celebrating their statehood day on Thursday, and accordingly, it is a public holiday. 24K gold price in major cities of Gujarat such as Surat, Vadodara and Ahmedabad, erased its Rs 96,000 mark in 10 grams. While 22K and 18K gold prices plunged below Rs 88,000 and Rs 72,000 mark respectively.
Gold prices across 24 carats, 22 carats, and 18 carats are similar in the three major cities of Gujarat. Accordingly, the decline has been similar as well.
24K carat gold rates dropped by Rs 21,800 in 100 grams to Rs 9,57,800, while 10 grams gold plunged by Rs 2,180 to Rs 95,780, 8 grams gold tumbled by Rs 1,744 to Rs 76,624, and lastly the 1 gram gold declined by Rs 218 to Rs 9,578.
Meanwhile, 100 grams gold price crashed by Rs 20,000 to Rs 8,78,000 on May 1st. Further, 10 grams gold dropped by Rs 2,000 to Rs 87,800, 8 grams gold dipped by Rs 1,600 to Rs 70,240, and 1 gram gold price shed Rs 200 to Rs 8,780 in 22 carats.
Furthermore, gold prices in 18 carats declined by Rs 16,400 to Rs 7,18,400 in 100 grams; and down by Rs 1,640 to Rs 71,840 in 10 grams. Also, 8 grams gold and 1 gram gold prices plummeted by Rs 1,312 and Rs 164 to Rs 57,472 and Rs 7,184 respectively.
Silver prices in these three cities plunged for second consecutive day. On May 1, silver price dropped by Rs 2,000 to Rs 98,000 per 1kg, while 100 grams and 10 grams silver prices got dearer by Rs 200 and Rs 20 to Rs 9,800 and Rs 980 respectively. 8 grams of silver is down by Rs 16 to Rs 784, and the cheapest silver price is at Rs 98 per 1 gram, down by Rs 2.
Gujarat Statehood Day 2025:
The Gujarat Maharashtra Statehood Day 2025 is celebrated by the states of Gujarat and Maharashtra on 1st May 2025 to celebrate their respective Statehood Days. From 1960, when these two states were created out of the erstwhile Bombay State, this is one of the significant events in India's post-independence history. The Gujarat Maharashtra Statehood Day is not just a day to celebrate the formation of two states but also a reflection of the unity in diversity and the cultural richness that these two states have given to the structure of India, as per the IAS hub.
There is an old saying that gold is like a stack of the last few fresh oxygen cylinders when the entire air is intoxicated, and what a time we are living in. Gold recently touched the ₹1 lakh mark per 10g in the April 2025 and its price has doubled in less than three years, said Trivesh, COO Tradejini.
Trivesh highlighted that what's interesting is who's buying. It is not just retail investors, central banks are the ones leading the charge. Over the past five years, global central banks including those of India, the US, China, Turkey, and Russia have been steadily increasing their gold reserves. The Reserve Bank of India, for instance, added 57.5 tonnes in the last fiscal year, bringing its total holdings to 879.6 tonnes by March 2025, valued at over $97 billion.
Further, he said, there is a clear reason behind this shift. But as fears over US debt, currency devaluation, and geopolitical instability rise, the dollar's safe-haven status is being questioned. In a world facing wars, inflation, and the possibility of a recession, central banks seem to be going back to the one asset that has stood the test of time gold.
Suggesting, Trivesh lastly added, "For everyday investors, gold isn't just a precious metal anymore. It's quietly re-emerging as a financial safety net. Whether through gold ETFs, mutual funds, or even digital savings platforms, investors are looking to build steady exposure and rupee cost averaging makes that journey a bit smoother."
Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.
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