As the Dhanteras and Diwali festivities approach, gold and silver prices in India are anticipated to rise, diverging from the usual trend of post-Navratri price declines. This expectation stems from a combination of global economic uncertainty, geopolitical tensions, and sustained central bank purchases, according to jewellery market representatives.
Currently, gold is priced at ₹1,50,700 per 10 grams, while silver stands at ₹2,18,000 per kilogram. This year has seen significant price fluctuations for both metals, with gold starting at ₹1,37,120 per 10 grams and peaking at ₹1,67,275 in March. Silver followed a similar pattern, beginning at ₹2,38,000 per kilogram in January and surging to ₹2,95,000 in March.
Market experts attribute the potential price increase to several factors, including concerns about inflation, an economic slowdown, and financial market volatility. These conditions have bolstered gold’s reputation as a safe-haven asset, encouraging more investors to purchase bullion.
Traditionally, gold and silver prices peak around Navratri and decline during Dhanteras. However, jewellers suggest that strong festive demand, coupled with developments in international markets, might maintain or even elevate prices after Diwali this year.
Despite these predictions, bullion prices remain highly sensitive to global market conditions, currency movements, and investor demand. Potential buyers are advised to closely monitor price trends before making purchasing decisions, as market dynamics can shift rapidly.