Festive fervour swept across bullion markets in India during Dhanteras as consumers turned out in large numbers to purchase precious metals. Driven by strong festive demand, total gold sales in the country were estimated to have expanded by 15-20% year-on-year in value terms, reaching approximately ₹60,000 crore (₹6,00,00,00,00,000). However, because retail prices remained elevated compared to the previous year, the overall physical quantity of gold sold remained largely flat relative to last year's festive period.
Robust Footfall Across Major Bullion Trading Hubs
Trading desks and jewellery showrooms saw heavy activity in the days leading up to and including the festival. Estimates from the All India Jewellers and Goldsmith Federation indicate that aggregate national turnover for gold and silver surpassed ₹66,000 crore over the recent festive stretch. Bullion markets in Delhi alone accounted for over ₹10,000 crore in trade volume. Footfall and pre-booking numbers across both Northern and Western India were noticeably higher than those recorded during the same period last year.
Estimates provided by the All India Gem and Jewellery Domestic Council (GJC) reinforced the strong consumer spending figures, projecting gold purchases on Dhanteras at around ₹60,000 crore. In addition, silver demand saw substantial expansion, with sales anticipated to rise 30% by total value and 10% by physical volume compared to last year's levels.
Price Trends and Comparative Gold Rates
Pricing dynamic analysis shows that while precious metals traded below their peak historic highs, rates were noticeably higher than during last year's Dhanteras. On 6 November in Delhi, 24-carat gold reached ₹1.46 lakh per 10 grams inclusive of taxes. While this was below the peak of ₹1.83 lakh logged on 29 January, it represents an increase over the ₹1.32 lakh per 10 grams rate seen on Dhanteras last year. On 7 November, 24-carat gold in Delhi adjusted to ₹1.43 lakh per 10 grams.
Silver prices reflected a similar trajectory. On Dhanteras this year, silver stood at ₹1.92 lakh per kilogram, down from its peak of ₹4.04 lakh recorded in January, but higher than the ₹1.70 lakh per kilogram recorded on Dhanteras last year. On 7 November, silver prices in Delhi stood at ₹2.05 lakh per kilogram.
Shift Toward 18-Carat Jewellery and Lower Denomination Coins
Higher gold prices led to a visible shift in buyer preferences toward lower caratage and lighter items. Showrooms reported strong consumer interest in lightweight items such as bangles, pendants, and chains, along with 1 to 5 gram gold coins and small silver coins.
Demand was particularly robust for 18-carat jewellery offerings. A major jewellery retailer noted that 18-carat products accounted for nearly half of its overall sales volume during the festival. Consumers also exhibited growing interest in 14-carat and 9-carat designs, allowing households to maintain traditional festive buying habits while managing overall spending limits.
