World · India Bureau
Gold prices plunge ahead of Dhanteras festival season
Gold prices in India have fallen sharply, declining by approximately 2.5 per cent on Friday evening to reach ₹138,250 per 10 grams on the MCX platform. The significant correction comes as consumer demand typically peaks during the Dhanteras festival period.
LSN India ·
Gold futures slumped on Friday, with prices dropping to ₹138,250 per 10 grams on the Multi Commodity Exchange (MCX), marking a notable correction from recent highs. The decline of around 2.5 per cent represents a substantial pullback in the precious metal's value in recent trading.
The price correction is particularly noteworthy given the timing ahead of Dhanteras, a major festival season when jewellery purchases traditionally surge across India. The festival-driven demand typically supports gold prices, making the current downturn somewhat unexpected.
This year has seen considerable volatility in gold markets. The precious metal had climbed to ₹1,91,000 per 10 grams of 24-carat gold in January, reflecting the broader upward trend witnessed in global gold prices. The current levels represent a decline of approximately ₹50,000 from the year's earlier peak.
The downturn may present purchasing opportunities for buyers ahead of the festival season, as consumers often look to acquire gold during auspicious occasions. Market analysts will be watching whether prices stabilise or continue their downward trajectory as Dhanteras approaches.