As Dhanteras and Diwali approach, gold and silver prices in India may defy the usual trend of post-Navratri declines and instead see an increase, according to jewellery market representatives. This potential rise in prices comes amid ongoing global economic uncertainty and geopolitical tensions, which have been influencing the bullion market.
Currently, gold is priced at ₹1,50,700 per 10 grams, while silver stands at ₹2,18,000 per kilogram. These numbers reflect significant fluctuations over the year, with gold starting at ₹1,37,120 per 10 grams and reaching a peak of ₹1,67,275 in March. Silver followed a similar pattern, climbing from ₹2,38,000 per kilogram in January to ₹2,95,000 in March. Since then, both metals have experienced considerable volatility, influenced by various global factors.
Market representatives attribute the potential for rising prices to several factors, including continued purchases by central banks and investor concerns over inflation and economic slowdown. These concerns have driven many to view gold as a stable investment option, or a ‘safe-haven’ asset, amid fluctuating financial markets.
Jewellers have suggested that this year, the pattern of prices peaking around Navratri and then declining during Dhanteras may not hold. Strong festive demand, coupled with developments in international markets, could sustain or even elevate prices after Diwali.
However, it’s important for buyers to remain cautious, as bullion prices are sensitive to global market conditions, currency fluctuations, and investor demand. Those looking to purchase gold or silver should closely monitor price movements to make informed decisions.