Gold and silver prices in India are poised for a potential rise during the Dhanteras and Diwali festivities, deviating from the typical trend of price declines post-Navratri. This expectation is fueled by global economic uncertainty, geopolitical tensions, and sustained purchases by central banks, according to representatives from the jewellery market.
During the recent weekend, gold was priced at ₹1,50,700 per 10 grams, and silver was at ₹2,18,000 per kilogram. These prices have seen significant fluctuations this year, with gold beginning at ₹1,37,120 per 10 grams and hitting a peak of ₹1,67,275 in March. Similarly, silver climbed from ₹2,38,000 per kilogram in January to ₹2,95,000 in March, before experiencing volatility.
The jewellery market representatives highlighted that traditional price patterns might not hold this year due to a combination of strong festive demand and developments in international markets. Traditionally, prices peak around Navratri and decline around Dhanteras, but this year might see prices remaining elevated or even rising further post-Diwali.
Factors such as concerns about inflation, economic slowdown, and fluctuations in financial markets are encouraging investors to view gold as a safe-haven asset. This sentiment is contributing to the anticipation of higher bullion prices in the coming weeks.
Despite these expectations, bullion prices remain sensitive to global market conditions, currency movements, and investor demand. Market representatives advise buyers to monitor price fluctuations closely before making purchasing decisions, as these elements could significantly influence price trends.