Gold Rush in Shimla: Why Soaring Prices Fuel Diwali Buying Frenzy

In Shimla, the enthusiasm for gold is undiminished, even as prices continue to climb. Gold and silver are reaching unprecedented price levels in India, even as global equities surge. In domestic markets, gold continues to climb ahead of the festive season, with 24-karat gold averaging around ₹1,25,000-₹1,30,000 per 10 grams.

On the international front, gold is trading above $4,000 per ounce, while silver recently reached $ 50 per ounce, both marking new records for 2025.

Akshay Verma of Akshay Verma Jewellers stated that, according to market watchers and social media trends, the precious metal is expected to reach between ₹1.5 lakh and ₹2 lakh per 'tola' (approximately ₹10 per gram).

Yet, far from deterring customers, this price surge appears to have strengthened the perception of gold as a secure and appreciating asset.

"Indian women can't live without gold, and nor should they," said Akshay Verma of Akshay Verma Jewellers, while inaugurating his four-day gold exhibition in Shimla. "Gold is the safest investment you can make. You can liquidate it at any time without any hassle. As prices rise, so does confidence among buyers, because they know their gold's value is increasing", said Verma.

Verma added that the exhibition aims to bring premium collections and transparent offers to every corner of Himachal Pradesh. "We've launched attractive offers, including free gold coins on purchases above ₹50,000. We want customers to see the best designs and benefit from transparent billing. Gold attracts the lowest GST rate, just 3% so we encourage everyone to ask for proper bills for complete satisfaction," he said.

Verma, who is hosting his seventh gold exhibition, reported that public response this time has been "exceptionally high", with strong interest coming not just from Shimla, but also from Rohru, Solan, Ghumarwi, and Dharamshala. He added that silver jewellery too is witnessing increased demand this season.

One of the local shoppers, Dama,n visited one of the ongoing exhibitions and was impressed by the wide range of collections.

"Gold prices are certainly very high right now, but the jewellers are showcasing excellent designs and offers for Diwali and Dhanteras. People are buying according to their budgets. I came here to check out the new collections, they're truly impressive," she said.

Another customer, Harpreet from Shimla, described Dhanteras as a time when "everyone feels an inner urge to invest in gold."

"Every day, gold prices are rising, but people still want to buy even a little bit," he remarked. "This may not be the right time price-wise, but when there's a need or sentiment attached, you go ahead. Exhibitions like these are great because they offer a variety of designs, especially for the younger generation who look for something unique", Harpreet said.

As gold continues its upward climb, Shimla's jewellers say festive sentiment remains stronger than ever. For many buyers, the glitter of gold remains not just a symbol of prosperity but also a mark of security in uncertain times.

- ANI