Bloody hell, gold prices are on a rocket ride, aren’t they? As we hurtle towards Dhanteras and Diwali, that shiny symbol of prosperity is mocking the very folks who once scrimped and saved for it. On October 15, 2025, 24-karat gold is clocking in at a whopping ₹12,783 per gram – that’s over ₹1.28 lakh for 10 grams, up a blistering 56% since 2020.
For the Indian middle class – you know, the salaried souls in Mumbai chawls or Delhi flats earning ₹50,000-₹1 lakh a month – this isn’t just a hike; it’s a full-blown eviction notice from tradition. Is gold finally slipping out of our grasp?
Damn right it is, and it’s high time we admit this emperor’s new clothes are woven from the rich man’s yarn.
Picture this: Your average middle-class family, juggling EMIs, school fees, and that nagging inflation bite. Back in the day, gold was the ultimate safety net – a few sovereigns for the daughter’s wedding, a chain for the son’s mundan, all bought on instalments if needed. But now? With salaries barely budging (down a cheeky 0.07% in real terms over five years), who can cough up ₹50,000 for a simple mangalsutra when grocery bills are eating half the paycheck?
The rupee’s depreciation – down against the dollar amid global jitters – is fanning the flames, making imported gold costlier by the day. And don’t get me started on the festival frenzy: Demand surges, jewellers jack up making charges, and suddenly that ‘bargain’ bracelet feels like a bank heist.
This isn’t mere market mayhem; it’s a wealth whiplash. Early birds who stacked gold a decade ago are laughing to the bank, their holdings ballooning into fat nests eggs. But for the rest – the young professionals, the small-town strivers – it’s a shutout. New buyers are priced right out, turning gold from a cultural must-have into an elite plaything.
Sure, the middle class’s rising incomes (or so the economists chirp) fuel demand, but that’s cold comfort when a basic set costs more than a month’s rent. We’re talking about households where gold once meant security, not speculation. Now, it’s ETFs and digital gold for the savvy few, while the aunties in the neighbourhood whisper about ‘waiting for a dip’ that never comes.
The government’s gold monetisation schemes? A damp squib – who wants to pawn grandma’s heirlooms for piddly interest? And those import duties? They protect local miners but squeeze the buyer harder. No wonder consumption’s dipping among the masses, even as billionaires hoard bars like Diwali sweets.
This paradox is poison: Gold’s surge boosts GDP on paper (hello, exports), but it widens the chasm, leaving the middle class – the real engine of India Inc. – gasping.
Wake up, mandarins in North Block! Subsidise making charges for small buys, or push sovereign gold bonds with real incentives. Otherwise, we’ll trade gold’s emotional heft for cold steel – mutual funds and FDs that don’t sparkle but at least don’t bankrupt dreams.
For the middle class, gold’s no longer affordable; it’s become aspirational folklore. And in a nation where mangalsutras marry memories to metal, that’s a tragedy wrapped in tinsel.