National Times Bureau :- Gold prices in Delhi dropped by ₹2,400 to ₹1,32,400 per 10 grams on Saturday, pulling back from record highs even as customers crowded jewellery stores to buy on Dhanteras, marking the start of the Diwali festive season.
According to the All India Sarafa Association, gold of 99.9% purity had soared by ₹3,200 a day earlier, reaching an all-time high of ₹1,34,800 per 10 grams. In the local bullion market, gold of 99.5% purity also slipped by ₹2,400 to ₹1,31,800 per 10 grams (including all taxes), after touching a lifetime high of ₹1,34,200 on Friday.
Gold prices have climbed by ₹51,000 per 10 grams (62.65%) since Dhanteras last year, when they stood at ₹81,400 per 10 grams on October 29, 2024.
Silver extended its decline for a second consecutive day, plummeting by ₹7,000 to ₹1,70,000 per kilogram (including taxes) on Saturday, compared to ₹1,77,000 on Friday. The metal has still gained ₹70,300 (70.51%) since last Dhanteras, when it was priced at ₹99,700 per kg.
Traders attributed the decline in bullion prices to weak global trends and profit booking following a steep rally.
Despite the correction, Indian consumers spent an estimated ₹1 lakh crore on Dhanteras this year, largely driven by strong demand for gold and silver. According to the Confederation of All India Traders (CAIT), jewellery sales alone accounted for ₹60,000 crore, up 25% from last year, as buyers thronged bullion markets even with gold prices surging nearly 60% year-on-year to cross ₹1,30,000 per 10 grams.
