Gold prices held steady across major Indian cities on Diwali, Sunday, November 8, after a sharp correction in the days leading up to the festival. In Delhi, 24-carat gold was priced at about Rs 1,43,600 per 10 grams, while 22-carat gold, the standard for jewellery, cost around Rs 1,31,750 per 10 grams. Rates in Lucknow were similar, at Rs 1,43,720 for 24-carat gold.
The steadiness follows a volatile week in bullion markets. MCX gold futures settled at Rs 1,42,167 per 10 grams on November 6, falling Rs 1,928 in a single session. The exchange remains closed on Sunday, with trading resuming on Monday. Silver, too, has corrected sharply, with 999 silver at about Rs 1,90,799 per kilogram on the Mumbai reference rate.
These are indicative wholesale bullion-market rates. Jewellery-shop prices can be higher, since they add 3 per cent GST and making charges, and vary by city and retailer. Buyers should treat published rates as a guide and confirm the final price with their jeweller before purchasing.
The festival buying itself was strong. Preliminary industry estimates peg India’s Dhanteras gold sales at approximately Rs 60,000 crore, underlining the country’s enduring fascination with the yellow metal. Dhanteras, the first day of the five-day Diwali festivities, is traditionally the biggest gold-buying day of the year, when families purchase coins, bars and jewellery as an auspicious start to the festival.
Jewellers reported heavy footfall through the festive week, with coins and light-weight jewellery selling particularly well. Many buyers, traders said, preferred smaller purchases this year given the high absolute price of gold, which has climbed sharply over the past year. Even so, the sheer volume of buying kept overall sales buoyant.
The correction ahead of Diwali has made some buyers cautious. After months of near-unbroken gains, gold’s sharp pullback reminded investors that even a metal in a strong uptrend can fall quickly. Analysts say the festival demand provides a floor for prices in the near term, but the direction from here will depend on international cues, the dollar and the pace of central-bank buying.
For households, the message is unchanged: gold remains both an adornment and a store of value, and Diwali remains the moment when most Indian families add to their holdings. Whether bought as a coin, a bangle or a bar, the metal bought today carries the same festival blessing it always has, even if the price tag is higher than it was a year ago.
As the festival evening arrives, jewellers expect another round of buying for Lakshmi Puja, when gold is traditionally offered in prayers. With MCX closed for the day, the market’s next move will be watched closely when trading resumes on Monday.
