Gold and silver prices in India are anticipated to rise during the Dhanteras and Diwali festivities, potentially deviating from the usual trend of post-Navratri price declines. According to jewellery market representatives, global economic uncertainty, geopolitical tensions, and continuous purchases by central banks could drive bullion prices higher in the coming weeks.
Over the weekend, gold was priced at ₹1,50,700 per 10 grams, while silver was at ₹2,18,000 per kilogram. These figures come after significant price fluctuations throughout the year, with a notable rally in March when gold reached ₹1,67,275 per 10 grams and silver climbed to ₹2,95,000 per kilogram. Both metals have experienced considerable volatility since then.
Jewellers indicate that the traditional pattern of prices peaking around Navratri before declining during Dhanteras may not apply this year. Strong festive demand, coupled with developments in international markets, is expected to maintain or even increase prices after Diwali.
Market representatives attribute this potential price rise to various factors, including concerns about inflation, economic slowdown, and financial market fluctuations, which have encouraged investors to view gold as a safe-haven asset. However, they caution that bullion prices remain sensitive to global market conditions, currency movements, and investor demand.
With these factors in mind, buyers are advised to monitor price fluctuations carefully before making purchasing decisions during the festive season. The combination of strong local demand and global economic conditions could create an unpredictable market for gold and silver in the weeks ahead.