Gold and silver prices witnessed a sharp rise in Delhi on Thursday, November 5, ahead of Dhanteras, with gold gaining Rs 2,200 per 10 grams and silver advancing Rs 1,500 per kg. Despite the latest increase, precious metal prices have corrected significantly from their record highs in January, prompting jewellers to expect a strong festive buying season.
According to the All India Sarafa Association, gold of 99.9 per cent purity rose to Rs 1,48,800 per 10 grams, inclusive of all taxes, compared with Rs 1,46,600 in the previous session. Silver prices also increased to Rs 1,94,500 per kg from Rs 1,93,000 on Wednesday.
Indian jewellers expect gold and silver sales to increase by 20-30 per cent in value terms this Dhanteras, which falls on Friday, November 6. However, gold sales volumes are expected to remain largely flat compared with last year, as consumers are increasingly opting for lightweight jewellery and smaller purchases.
Rajesh Rokde, chairman of the All India Gem and Jewellery Domestic Council (GJC), told PTI that the industry expects value growth of 20-30 per cent, while volumes may remain at last year’s levels.
Gold and silver prices fall sharply from January peaks
Despite the latest gains, gold and silver prices remain considerably below their January 2026 record levels.
Gold prices in Delhi have declined around 19 per cent from the record Rs 1,83,000 per 10 grams recorded on January 29 to Rs 1,48,800 on November 5.
Silver has witnessed a sharper correction, falling around 52 per cent from its January peak of Rs 4,04,500 per kg to Rs 1,94,500 per kg.
However, both precious metals remain more expensive than during Dhanteras last year. Gold was priced at Rs 1,32,400 per 10 grams, while silver stood at Rs 1,70,000 per kg on Dhanteras 2025.
Why are jewellers expecting higher Dhanteras sales?
Jewellers believe the correction in gold and silver prices has improved consumer sentiment and could encourage buyers who had postponed purchases due to elevated prices.
The timing of Dhanteras is also expected to support demand. Falling at the beginning of the month, November 6 gives salaried consumers an opportunity to make festive purchases after receiving their monthly salaries.
However, inflation, geopolitical tensions and drought-like conditions in Maharashtra could weigh on spending, Rokde cautioned.
GJC Vice Chairman Avinash Gupta said the industry expects gold sales to grow by 15-20 per cent in value terms, while volumes are likely to remain at last year’s level. He also expects silver sales volumes to increase by around 10 per cent following the sharp price correction.
Lightweight jewellery and silver attract younger buyers
With gold prices still significantly higher than last year, consumers are increasingly choosing lightweight jewellery and smaller-ticket purchases.
Silver is also gaining popularity, particularly among younger buyers, due to its affordability and wider variety of designs. Jewellers said consumers are purchasing gold for major wedding ceremonies while opting for silver jewellery and articles for other rituals.
The trend is also visible in wedding purchases, with some buyers shifting towards 18-karat gold jewellery to manage costs.
World Gold Council Regional CEO for India Sachin Jain said the correction in gold prices has stimulated jewellery demand. Families planning weddings over the next three to six months may advance their purchases to benefit from the current price levels.
He expects demand across categories, ranging from premium jewellery to investment products such as gold coins and bars.
Jewellers roll out festive offers to attract buyers
Retailers are also introducing special offers and schemes to attract customers during the festive season.
Senco Gold Managing Director and CEO Suvankar Sen said the company is targeting growth of more than 20 per cent this festive season. He added that consumers are experimenting with designs and caratages while prioritising quality, value and versatility.
Meanwhile, Kama Jewelry founder and Managing Director Colin Shah said demand has shifted towards lightweight studded jewellery in the 9-karat to 19-karat range. He expects value-wise demand to remain broadly similar to last year, although sales volumes could decline by around 10 per cent.
He also pointed to the rupee-dollar exchange rate as a factor influencing domestic gold prices.
Gold and silver prices in the international market
In the international market, spot gold climbed nearly 2 per cent to $4,125.25 per ounce, while silver advanced around 1 per cent to $52.73 per ounce, according to market reports.
A weaker US dollar, lower Treasury yields and easing concerns over geopolitical tensions supported precious metal prices. Investors are also monitoring developments in global markets and expectations surrounding US interest rate decisions.
What should buyers expect this Dhanteras?
With gold and silver prices correcting sharply from their January peaks, jewellers are optimistic about festive demand. While the latest price increase could influence buying decisions, the broader correction has made precious metals more attractive compared with their recent record levels.
Gold is expected to remain a preferred choice for weddings and traditional purchases, while silver could attract younger consumers looking for more affordable options.
India is the world’s second-largest gold consumer, and Dhanteras remains one of the most important occasions for jewellery retailers and bullion traders.