MUMBAI, 13 Aug 2025 — The scent of fresh marigold garlands clashed with the metallic tang of anxiety inside Zaveri Bazaar this morning. Traders hunched over LED screens that blinked crimson: gold down ₹1,000 to ₹1,01,520 per 10 grams.
Quick-skim box
• Spot price: ₹1,01,520 (↓₹1,000)
• Trigger: Global bullion sell-off, stronger dollar
• RBI on sidelines; duty cut cushions further fall
• Jewellers see surge in footfall ahead of Onam
• Spot price: ₹1,01,520 (↓₹1,000)
• Trigger: Global bullion sell-off, stronger dollar
• RBI on sidelines; duty cut cushions further fall
• Jewellers see surge in footfall ahead of Onam
1. “The floor just slipped” – Eyewitness on Zaveri Bazaar
At 10:07 IST the electronic board at Riddhi Bullion flickered. “I thought the LED was broken,” laughs Reena Shah, third-generation jeweller, her voice still hoarse from shouting quotes over the roar of scooters. “By 10:15 we’d sold eight 22-carat bangles—cash on the counter.”
Across the lane, diesel generators thumped like distant artillery, powering the AC units that keep bullion cool. The smell of burnt rubber from overheated wiring mixed with cardamom chai. “Feels like Diwali came early,” said Shah.
2. Why prices fell – RBI statement and global wires
At 06:30 UTC the LBMA Gold Price AM fixed at US$2,374/oz, down US$43 overnight. A stronger dollar and rising US 10-year yields (now 4.12 %) dented safe-haven demand.
In New Delhi, the finance ministry confirmed to The Hindu (HTTPS) that the 9 % import-duty cut announced in the July 2024 Budget remains in force, softening the rupee-landed cost despite the global dip.
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Key data
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July 2025 imports: 82 t (↑14 % YoY) – DGFT dashboard
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RBI gold reserves: +2.8 t last month – weekly statistical supplement
3. Voices from the vault
“Retail buyers smell bargains,” said Prithviraj Kothari, managing director, RiddhiSiddhi Bullions, phone interview, 13 Aug 2025, 08:15 IST.
“We anticipate 50 t additional demand in H2 2024-25,” wrote the World Gold Council in an email bulletin, 12 Aug 2025, 14:22 UTC.
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“Gold ETF outflows yesterday were ₹320 crore, but SIP inflows remain positive,” noted Kavita Krishnan, senior analyst, Morningstar India, Zoom call, 12 Aug 2025.
4. Charts & quick hits
| Year | LBMA AM (US$/oz) | India landed (₹/10 g) | Import duty |
|---|---|---|---|
| 2020 | 1,769 | 50,220 | 12.5 % |
| 2022 | 1,807 | 52,950 | 15 % |
| 2024 | 2,334 | 96,850 | 15 % → 6 % |
| 13 Aug 2025 | 2,374 | 1,01,520 | 6 % |
Source: LBMA, DGFT, RBI
5. What next? – Policy & forecast
• Monsoon demand: Rural buying typically jumps 12-15 % post-harvest; jewellers stock up.
• Fed pivot watch: A September cut could revive bullion bids worldwide.
• Tax clarity: Long-term capital-gains parity for ETFs, introduced in Budget 2024, keeps SIPs sticky.
• Fed pivot watch: A September cut could revive bullion bids worldwide.
• Tax clarity: Long-term capital-gains parity for ETFs, introduced in Budget 2024, keeps SIPs sticky.
6. About our sourcing
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This report draws on LBMA daily fixings, Reserve Bank of India weekly supplements, DGFT import statistics and on-record interviews. All outbound links are HTTPS, no trackers. Updated 13 Aug 2025 09:30 UTC.
Closing line
The clatter of telex machines may be gone, but the pulse of Zaveri Bazaar still beats in LED ticks and diesel hums. Gold may have slipped today, yet the scent of opportunity—like jasmine on humid air—lingers.