Gold Price in India Big Update: Will Gold Get Cheaper? SS Alam Explains

Watch: Gold prices in india Big update , Gold फिर होगा सस्ता| Sarvesh Mishra Show · ~62 min

Will gold get cheaper? Gold manufacturer SS Alam, in the trade since 1986, explains why the Prime Minister asked Indians not to buy gold for a year, what the Gold Control Act of 1962 teaches, and what it means for your gold. He sits with Sarvesh Mishra on The Sarvesh Mishra Show.

For the series itself, start at What Is The Sarvesh Mishra Show?

Figures as stated by the guest, including about 880 tonnes at the RBI. Treat them as his estimates, not official data.

Why everyone is searching “gold price in India” right now

Gold has been in the headlines for two reasons at once. Prices are high, and the Prime Minister has asked people to avoid buying gold for a year. This episode asks what is behind that appeal, what it could mean for families who hold gold, and what a manufacturer with a very large workforce thinks should happen next.

Here is what Google showed for the gold rate on 13 October 2026 for Noida and Delhi. Sources differ because they update at different times and some include different charges, so always confirm with your jeweller.

Alam says gold has roughly doubled in about the last year and a half. He expects a possible dip in the short term and a rise over the long term, which is his view, not a forecast anyone can promise.

Why did the Prime Minister ask Indians not to buy gold?

Alam explains it through imports. Wars in recent years, first Russia and Ukraine and then the conflict involving the US, Israel and Iran, pushed up crude oil and gold prices. He says India's foreign exchange cover has slipped from about 12 to 18 months of imports to about 8 to 10 months, and that imports now run well above exports.

His logic is about priorities. Crude oil, natural gas, fertiliser, machinery, cooking oil and defence equipment are essentials the country cannot stop importing. Gold, in his words, is not a necessity. When gold is imported, foreign currency leaves the country, and the metal then sits in a cupboard or locker rather than driving the economy.

If the country has no foreign currency tomorrow, how will farmers farm and how will we cook?

— SS Alam, The Sarvesh Mishra Show Episode 34

What was the Gold Control Act of 1962?

Alam says this is not the first time gold has been restricted. After the 1962 war with China, a Gold Control Act was introduced, with Nehru as Prime Minister and Morarji Desai as Finance Minister. As he describes it, households could hold only a fixed quantity, raids followed, gold could be seized, and arrests came with no bail. He says many jewellers left the trade, some took their lives, and smuggling and black market activity grew instead of shrinking. His warning is that a hard clampdown can push the industry underground, which is why he wants a planned approach this time.

How much gold does India really hold?

His argument: if around 15,000 tonnes of idle gold were recycled or brought into circulation, India could meet its needs for 10 to 15 years without importing. These are his numbers, so treat them as an opinion to check, not official data.

His suggestions for the government

• A voluntary declaration scheme so people can declare unaccounted gold and sell or deposit it.
• Relaunch the gold monetisation scheme with better interest.
• Incentives for banks, and licences for NBFCs and nominated retailers, to accept gold deposits.
• Bring part of the RBI's gold into banking circulation.
• Pause bullion and coin sales for now.
• Discourage very high purity and very heavy jewellery, such as pieces over 100 grams, and encourage lower purity jewellery of 18, 14 or 9 carat.

What should an ordinary family do?

Alam is clear that he is not telling people to stop buying gold. His steps for households:

• Buy only the jewellery you truly need, such as for a wedding.
• Exchange old or damaged jewellery when buying new, so you need less fresh gold.
• Consider lower purity jewellery, which costs less for the same look.
• Avoid heavy and very high purity pieces for now.
• Avoid coins and bullion as investment for the time being, and consider other options such as property, shares or banks.
• If you want to keep your gold, consider depositing it with a bank or a jeweller you trust so it can earn interest.

Whether any of this suits you depends on your goals and risk, so speak to an adviser.

What about jewellers and artisans?

He says about one crore people work directly in the jewellery trade, and three to four crore more indirectly, including around 75 lakh artisans, of whom 40 to 50 lakh are Bengali artisans. For retailers he suggests promoting old gold exchange, selling more lower purity pieces, holding less stock, keeping new shops smaller and trimming costs. For artisans he points to exports, lighter designs, silver jewellery, fashion jewellery and lab grown diamonds. He believes India can become a jewellery export hub if policy supports it, while noting China has gained ground.

Will digital gold be affected too?

When the host asks about digital gold, Alam says he thinks the government may place limits there as well, because digital gold is backed by physical gold. This is his expectation, not an announcement.

Frequently asked questions

The practical thread is imports and idle metal, not a guaranteed cheaper rate: needed jewellery can wait for a wedding; old gold can be exchanged; coins and bullion are something he would pause. Guest figures and forecasts should be independently verified.

Sarvesh Mishra is an Indian entrepreneur, journalist, interviewer and the host of The Sarvesh Mishra Show. He is the Founder of Red Hot Media House Pvt. Ltd. and CureSoulLife Pvt. Ltd., and the author of Love With Benifit.

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