Gold and silver prices in India may experience an uptick during the Dhanteras and Diwali festivities, contrary to the typical trend of price declines post-Navratri, according to jewelry market representatives. This potential rise is attributed to a mix of strong festive demand and prevailing global economic conditions.
Over the weekend, gold was priced at ₹1,50,700 per 10 grams, while silver was at ₹2,18,000 per kilogram. Both metals have shown significant volatility throughout the year, with a sharp rally in March followed by declines. Gold started the year at ₹1,37,120 per 10 grams and surged to ₹1,67,275 in March. Similarly, silver climbed from ₹2,38,000 per kilogram in January to ₹2,95,000 in March.
Market representatives pointed out that global economic uncertainty, geopolitical tensions, and continued purchases by central banks could bolster bullion prices in the upcoming weeks. Additionally, inflation concerns, potential economic slowdown, and fluctuations in financial markets have made gold an attractive safe-haven asset for investors.
Jewellers have noted a deviation from the traditional pattern where prices typically peak around Navratri before dropping during Dhanteras. This year, robust festive demand combined with international market developments may maintain or even elevate prices after Diwali.
However, the pricing of gold and silver remains sensitive to global market conditions, currency movements, and changing investor demands. Market representatives advise buyers to monitor price fluctuations carefully before making purchasing decisions.