As Dhanteras and Diwali approach, gold and silver prices in India may see an uptick due to global economic uncertainty and strong festive demand, according to jewellery market representatives. Traditionally, bullion prices dip after Navratri; however, this year, the usual pattern might not hold.
Currently, gold is priced at ₹1,50,700 per 10 grams, while silver is at ₹2,18,000 per kilogram. The year has been marked by significant volatility in the bullion market, with gold starting at ₹1,37,120 and peaking at ₹1,67,275 in March. Silver followed a similar trend, rising from ₹2,38,000 per kilogram in January to ₹2,95,000 in March before experiencing fluctuations.
Market experts suggest that a combination of global economic factors, including geopolitical tensions and central banks’ sustained bullion purchases, is likely to support prices in the coming weeks. Additionally, concerns over inflation, an economic slowdown, and turbulent financial markets are encouraging investors to turn to gold as a safe-haven asset.
Jewellers noted that while the festive season usually sees high demand, this year’s international market conditions could keep prices high even after Diwali. This deviation from the norm is attributed to both the global economic backdrop and domestic consumer behavior during the festive period.
Despite these predictions, bullion prices remain sensitive to various factors such as global market conditions, currency movements, and investor demand. Buyers are advised to closely monitor these fluctuations before making purchasing decisions to ensure they are making informed investments.