As Dhanteras and Diwali approach, gold and silver prices in India are expected to rise, deviating from the usual trend of a post-Navratri decline. According to representatives from the jewellery market, several factors could contribute to this shift. Over the weekend, gold was priced at ₹1,50,700 per 10 grams, while silver stood at ₹2,18,000 per kilogram, reflecting significant fluctuations experienced throughout the year.
Earlier in the year, gold prices started at ₹1,37,120 per 10 grams and surged to ₹1,67,275 in March, while silver prices climbed from ₹2,38,000 per kilogram in January to ₹2,95,000 in March. The volatility in prices since then has been notable, and market experts suggest that ongoing global economic uncertainty, geopolitical tensions, and continued central bank purchases could sustain or increase bullion prices in the weeks ahead.
Concerns over inflation, economic slowdowns, and fluctuations in financial markets have led investors to turn to gold as a safe-haven asset. This trend, coupled with strong festive demand, is likely to keep prices elevated during the festive season of Dhanteras and Diwali, potentially defying the traditional pattern of price declines during this period.
Jewellers have noted that the customary peak in prices around Navratri, followed by a drop during Dhanteras, may not occur this year. International market dynamics and strong local demand could maintain or even push prices higher after Diwali, challenging previous expectations.
Nonetheless, bullion prices remain highly sensitive to global market conditions, currency movements, and investor demand. Buyers are advised to stay informed about price trends and fluctuations before making purchasing decisions, as these variables continue to influence the market significantly.