Coinciding with Diwali's auspicious Lakshmi Puja, gold and silver prices across major Indian cities experienced a slight pullback from recent record highs, offering some relief to festive buyers. After surging to unprecedented levels driven by robust domestic demand and global uncertainties, 24-carat gold retreated marginally, trading between Rs 132,560 and Rs 133,161 per 10 grams in key metros. Silver followed suit, hovering around Rs 167,200 to Rs 167,395 per kilogram. This breather comes amid heightened shopping fervour on Dhanteras, the traditional day for purchasing precious metals symbolising wealth and prosperity. International cues, including a 0.24% dip in gold futures to $4,349.24 per ounce and a sharper 1.72% decline in silver to $50.50 per ounce, contributed to the softening, buoyed by easing US-China trade tensions ahead of high-level talks. Despite the dip, jewellers reported brisk sales, with families flocking to stores in Delhi, Mumbai, and beyond for coins, bars, and ornate jewellery.
City-specific rates reflected minor regional variations influenced by local taxes, transportation costs, and making charges, underscoring the decentralised nature of India's gold market. In financial hub Mumbai, 24-carat gold was priced at Rs 132,991 per 10 grams, paired with silver at Rs 167,395 per kg—ideal for urban professionals seeking investment-grade pieces. Delhi, a hotspot for intricate bridal sets, saw gold at Rs 133,089 per 10 grams and silver marginally lower at Rs 167,370 per kg, drawing crowds to Chandni Chowk's bustling bazaars. Eastern metropolis Kolkata offered gold at a competitive Rs 132,560 per 10 grams with silver at Rs 167,393 per kg, appealing to tradition-bound buyers favouring lightweight ornaments.
Southern cities commanded premiums: Chennai's rates stood at Rs 133,161 for gold and Rs 167,322 for silver, while Bengaluru's tech-savvy market priced gold at Rs 132,924 per 10 grams and silver at Rs 167,200 per kg. Northern Chandigarh rounded out the list with gold at Rs 132,779 per 10 grams and silver at Rs 167,226 per kg. These figures, sourced from leading bullion associations, exclude GST and hallmarking fees, which can add 3-5% to the final cost—advisers urge verifying with local dealers for real-time quotes.
The price dynamics highlight gold's dual role as both a cultural emblem and an economic hedge during Diwali, a festival rooted in the triumph of light over darkness and deeply intertwined with rituals invoking Goddess Lakshmi for fortune. Historically, Diwali sees a 20-30% spike in gold demand, with 2025's early highs—peaking above Rs 134,000 per 10 grams last week—fuelled by inflation fears, geopolitical tensions, and a weakening rupee. However, the current stabilisation signals market maturity, with investors eyeing Federal Reserve rate cuts and upcoming US elections for further volatility.
Silver, often undervalued, mirrors gold's trajectory but benefits from industrial uses in electronics and renewables, bolstering its appeal amid India's green energy push. Experts like Anuj Gupta of ThincRedBlue note that while short-term dips may encourage bargain hunting, long-term bulls remain intact, projecting gold to test Rs 140,000 by year-end.
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As fireworks illuminate skies and homes brim with sweets and diyas, this Lakshmi Puja underscores gold's enduring allure in Indian ethos—beyond mere metal, it's a vessel for aspirations and legacy. Buyers are cautioned against impulsive purchases, with recommendations for certified hallmarked items to ensure purity. With e-commerce platforms and organised retail chains like Tanishq and Kalyan Jewellers reporting record online orders, the sector anticipates Rs 50,000 crore in festive turnover. Yet, sustainability concerns loom, prompting calls for recycled gold initiatives.
In this blend of tradition and modernity, today's rates not only cap a frenzied trading week but also invite reflection on mindful consumption, ensuring Diwali's glow endures economically and culturally for generations.
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