World · India Bureau
Gold, silver prices fall sharply ahead of Dhanteras shopping festival
Precious metals markets see significant declines as India prepares for the annual Dhanteras festival. Industry projections suggest retail sales could reach ₹66,000 crore despite the price corrections.
LSN India ·
Gold and silver prices experienced notable drops on the Multi Commodity Exchange (MCX) ahead of Dhanteras, the auspicious occasion when Indians traditionally purchase precious metals. Gold prices fell by more than ₹2,000 per unit, while silver also recorded substantial losses in intraday trading.
The price corrections have altered purchasing patterns among consumers planning to buy gold and silver during the festival. Despite the market decline, jewellers and precious metals retailers are expecting robust sales figures during the Dhanteras period.
Industry analysts project retail sales of precious metals and related products could touch ₹66,000 crore during the festival, indicating sustained consumer demand even as commodity prices remain under pressure. The projection accounts for both physical purchases and investment buying across India's urban and semi-urban markets.
Traditionally, Dhanteras marks the beginning of the festive shopping season in India, with consumers viewing the occasion as an auspicious time to invest in gold and silver. The price movements in recent trading sessions are likely to influence purchase volumes and consumer preferences in the coming days.