Gold falls ₹2,400, silver drops ₹7,000 after record high amid Dhanteras buying spree
Indian consumers reportedly spent an estimated ₹1 lakh crore during Dhanteras 2025, fuelled by strong purchases of gold and silver despite steep price hikes.
Gold prices fell by ₹2,400 to ₹1,32,400 per 10 grams in Delhi on Saturday, retreating from record highs even as buyers thronged jewellery stores on the occasion of Dhanteras, marking the beginning of the Diwali festival season.
According to the All India Sarafa Association, gold of 99.9 per cent purity had surged by ₹3,200 on Friday to touch an all-time high of ₹1,34,800 per 10 grams. However, in the latest session, it declined to ₹1,32,400 per 10 grams, as per figures cited in PTI news agency report.
Similarly, gold of 99.5 per cent purity saw a sharp correction, slipping by ₹2,400 to ₹1,31,800 per 10 grams (inclusive of all taxes), after hitting a lifetime high of ₹1,34,200 in the previous session, the report added.
Despite the dip, prices of 24-karat gold have risen 62.65 per cent over the past year – from ₹81,400 per 10 grams on Dhanteras 2024 (October 29) to ₹1,32,400 this year — a jump of ₹51,000 per 10 grams.
Silver prices also extended their losses for the second consecutive day, dropping by ₹7,000 to ₹1,70,000 per kilogram (inclusive of all taxes) on Saturday.
Festive demand stays strong despite high prices
Gold continues to hold deep cultural and spiritual significance in India, symbolising prosperity and divine blessings. The Dhanteras festival, associated with Goddess Lakshmi, traditionally marks an auspicious time for buying precious metals.
According to a leading traders’ body, Indian consumers reportedly spent an estimated ₹1 lakh crore during Dhanteras 2025, fuelled by strong purchases of gold and silver despite steep price hikes.
Managing Director of Kama Jewelry, Colin Shah, said, “The festive fervour of Dhanteras upheld its sheen with a robust turnaround by consumers to invest in the yellow metal. Irrespective of the sky-high price of gold, favourable economic conditions and the GST reforms, there has been a tremendous response.”
He noted that demand was strong among younger buyers opting for light-weight jewellery, while bullion sales remained buoyant amid soaring prices.
“A niche demand for heavy jewellery for the upcoming winter wedding season was observed, where buyers looked forward to locking in the current rate given the rapidly increasing price of yellow metal. Overall, it was a phenomenal response this Dhanteras with an overall festive spike of 15 per cent to 18 per cent as compared to last year,” Shah added.
(With PTI inputs)
