Gold hits new high, 10 grams of 24-carat touches Rs 1 lakh in Karnataka
Bengaluru: Gold prices in Karnataka have surged to a historic high, with ten grams of 24-carat gold crossing the Rs 1 lakh mark in Bengaluru. Market insiders opined that the trend is likely to continue upward.
As of Monday morning, gold was priced at Rs 10,200 per gram for 24-carat and Rs 9,285 for 22-carat in Bengaluru, excluding GST and additional charges such as making and wastage, as reported by The New Indian Express.
The steep rise comes ahead of Akshaya Tritiya, which falls on April 30 this year, a day considered highly auspicious for purchasing gold and silver.
“The rate of gold is escalating due to prevailing global uncertainty and the US dollar’s continued slide. Historically, gold has been a safe investment. It allows for easy liquidation—no other medium offers that kind of leverage,” TNIE quoted Suresh Kumar Ganna, former president of The Jewellers’ Association, Bengaluru as saying.
He added that in just four months, the price of gold, which was around Rs 75,000 for 10gm, has jumped by over Rs 25,000.
Dinesh Pagaria, Managing Director of JJJ Jewellers Private Limited, noted that gold prices have nearly tripled in six years. “Ten grams of 24-carat gold was within Rs 35,000 in 2019. Now, in 2025, the rate has tripled, standing at around Rs 1,03,000 lakh, excluding GST and other charges,” TNIE quoted Pagaria as saying.
Explaining the recent spike, Pagaria said that they are hearing from gold traders that China is aggressively buying gold and increasing their gold reserves. “They are converting their dollar reserves into gold,” he said.
He described gold as the “only trustworthy global currency,” predicting that prices could jump another 25 percent within the year.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
SC to hear pleas challenging Waqf law provisions on May 20 for passing interim orders
New Delhi (PTI): The Supreme Court on Thursday said it will take up on May 20 the issue of considering interim relief on pleas challenging validity of the Waqf (Amendment) Act, 2025.
A bench comprising Chief Justice B R Gavai and Justice Augustine George Masih asked senior advocate Kapil Sibal, appearing for those challenging the validity of the law, and Solicitor General Tushar Mehta, representing the Centre, to file their written notes by Monday.
“We will be considering the issue of interim relief only on Tuesday,” the CJI said while adjourning the hearing on the pleas.
The bench was told by the lawyers from both sides that the judges may need some more time to go through the pleadings.
In the meanwhile, the law officer said that in any case, there is a subsisting assurance of the Centre that no waqf properties, including those established by waqf by user, would be denotified.
Earlier, the law officer had also assured that no appointments to the Central Waqf Council or State Waqf Boards would be made under the new law.
The bench said it will not consider any plea seeking a stay of provisions of earlier 1995 Waqf law when the matters are taken up on May 20.
Former CJI Sanjiv Khanna, whose bench was hearing the matter, demitted office on May 13, and the matters were transferred to the bench headed by Justice Gavai.
On April 25, the central ministry of minority affairs filed a preliminary 1,332-page affidavit defending the amended Waqf Act of 2025 and opposed any "blanket stay" by the court on a "law having presumption of constitutionality passed by Parliament".
The Centre urged the top court to dismiss the pleas challenging the validity of the Waqf (Amendment) Act, 2025, pointing out a "mischievous false narrative" surrounding certain provisions.
The Centre notified the Waqf (Amendment) Act, 2025 after it got President Droupadi Murmu's assent on April 5.
