As the Dhanteras and Diwali festivities approach in India, experts in the jewellery market anticipate a potential rise in gold and silver prices, diverging from the typical trend of price declines following Navratri. Over the past weekend, gold was valued at ₹1,50,700 per 10 grams, while silver was priced at ₹2,18,000 per kilogram. This marks a fluctuating year for bullion, with gold initially priced at ₹1,37,120 per 10 grams in January, peaking at ₹1,67,275 in March, and silver rising from ₹2,38,000 per kilogram to a high of ₹2,95,000 during the same period.
Market analysts attribute the expected price surge to global economic uncertainties, ongoing geopolitical tensions, and sustained central bank purchases, which might bolster gold and silver demand. Additionally, current concerns over inflation, economic slowdown, and volatile financial markets have led investors to consider gold as a safe-haven asset, potentially influencing price trajectories during the festive season.
Traditionally, gold and silver prices peak around Navratri before declining during Dhanteras. However, this pattern may not hold this year due to robust festive demand and international market dynamics that could maintain or even elevate prices post-Diwali. Market representatives emphasize the need for buyers to remain vigilant and monitor price movements closely amid these developments.
Despite the optimistic outlook, bullion prices are highly sensitive to global market conditions, currency fluctuations, and investor sentiment. Therefore, potential buyers are advised to keep an eye on these factors when making purchasing decisions to navigate the uncertainties effectively.