Gold and silver prices in India may see an upward trend during the Dhanteras and Diwali festivities, driven by global economic uncertainty and geopolitical tensions. Market representatives have indicated that the usual pattern of declining prices after Navratri might not hold this year, as strong festive demand and international market developments could keep prices elevated or push them even higher.
As of the weekend, gold was priced at ₹1,50,700 per 10 grams, while silver stood at ₹2,18,000 per kilogram. This marks significant fluctuations throughout the year, with gold starting at ₹1,37,120 per 10 grams in January, peaking at ₹1,67,275 in March, and similarly, silver climbing from ₹2,38,000 per kilogram to ₹2,95,000 during the same period. The volatility is attributed to a combination of global factors, including economic slowdown concerns, inflation fears, and central banks’ continued bullion purchases, which have positioned gold as a safe-haven asset for investors.
Jewellers have pointed out that, unlike previous years, festive demand may sustain or increase gold and silver prices beyond the Diwali season. This shift in the market can be linked to the influence of international market trends and geopolitical events, which have heightened investor interest in bullion as a stable investment amid fluctuating financial markets.
While the potential for price increases is notable, market representatives caution that bullion prices remain sensitive to global market conditions, currency movements, and investor demand. Prospective buyers are advised to keep a close watch on price trends and fluctuations to make informed purchasing decisions during this festive season.