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.
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Poll preparations for multiple Bengaluru Corporations within 4 months: Deputy CM DK Shivakumar
Mysuru, May 16 (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Friday said with the Greater Bengaluru Governance Act having come into effect, preparations will be made for polls to multiple municipal corporations to be created to manage the city within four months.
Shivakumar, who is also in charge of Bengaluru Development, said a process will be initiated soon regarding the reservation list and the creation of multiple municipal corporations.
The Greater Bengaluru Governance Act allows for the creation of up to seven municipal corporations to manage the city, and there are indications that the government may decide to form three corporations.
The city has not had an elected municipal council since September 2020.
“We will initiate the process regarding the reservation list and division (of the city into multiple corporations) soon. We have to hold elections; there is no point in delaying them. We will make the necessary arrangements within four months,” Shivakumar said.
Speaking to reporters here, he said he will call an all-party meeting soon to seek suggestions on how to proceed with the division into multiple corporations.
“Taking everyone into confidence, we will move ahead, but it has been decided to hold elections as early as possible. We have to do it; there is no point in delaying. There was a plan to add new areas (to Greater Bengaluru), but that process would cause a delay, so we can add them later. Therefore, the notification has been issued with the area currently under the BBMP,” he added.
The Greater Bengaluru Governance Act, 2024, came into effect on May 15, and the new Greater Bengaluru Area will be limited to the area now covered by the Bruhat Bengaluru Mahanagara Palike (BBMP), according to the notification.
However, all functionaries will continue to have the same powers and duties as conferred under the Bruhat Bengaluru Mahanagara Palike (BBMP) Act, 2020, until the new law is fully implemented.
Until multiple corporations are created, the BBMP will continue to operate under the Greater Bengaluru Authority (GBA), which is expected to be constituted soon, official sources said.
The Act provides 120 days to establish the Greater Bengaluru Authority (GBA).
The Greater Bengaluru Governance Bill, which was recently passed by both houses of the state legislature despite opposition from the BJP, proposes restructuring the BBMP by splitting it into a maximum of seven city corporations within the Greater Bengaluru Area.
It also provides for the constitution of a Greater Bengaluru Authority (GBA) for coordination and supervision and sets 30-month terms for the Mayor and Deputy Mayor.
The GBA will be headed by the Chief Minister as the ex-officio chairperson, while the minister in charge of Bengaluru development will be the ex-officio vice-chairperson.
