The glitter that ruled markets during Diwali seems to be losing steam. After weeks of festive rush, gold and silver prices are now sliding across major Indian cities, triggering a fresh round of curiosity among buyers, investors, and even newlyweds heading into the peak wedding season.
For the third straight day, 24-carat gold continued to cool off, widening the correction that began just before Dhanteras. Many traders believe this phase is only a 'pause before the next rally,' while short-term watchers are reading it as the beginning of a global profit-booking cycle.
What’s Driving This Downtrend?
Analysts tracking bullion say the recent dip is not unusual. Global uncertainty, war-risk headlines, and central bank purchases have driven prices sharply higher over the past few quarters. A soft profit-booking wave after festive hoarding was expected.
Yet, long-term voices inside the industry are still bullish. Leading jewellery council members continue to project a potential climb towards Rs 1.50 lakh per 10 grams in the coming months if global headwinds intensify and China-US trade tensions remain unresolved. Until then, experts also foresee short-lived corrections, like the one current buyers are witnessing.
Silver Joins the Fall After 2 Days of Stability
Silver, which held steady for two sessions, also turned red this week. Prices in Delhi dropped sharply within 48 hours, reflecting a broader caution among commodity traders. Interestingly, Chennai continues to display the highest silver premium among the four metros, sustaining its position as India’s most expensive silver market right now.
City-Wise Gold Rates (Major Metros)
Here’s how gold is currently priced in India’s top cities (per 10 grams):
Delhi - 22K around Rs 1,19,800 | 24K around Rs 1,30,700
Mumbai - 22K around Rs 1,19,690 | 24K around Rs 1,30,570
Kolkata - 22K around Rs 1,19,690 | 24K around Rs 1,30,570
Chennai - 22K around Rs 1,20,010 | 24K around Rs 1,30,920
Bengaluru - 22K around Rs 1,19,690 | 24K around Rs 1,30,570
Hyderabad - 22K around Rs 1,19,690 | 24K around Rs 1,30,570
Lucknow - 22K around Rs 1,19,840 | 24K around Rs 1,30,720
Patna - 22K around Rs 1,19,740 | 24K around Rs 1,30,620
Jaipur - 22K around Rs 1,19,840 | 24K around Rs 1,30,720
Ahmedabad - 22K around Rs 1,19,740 | 24K around Rs 1,30,620
(Slight fluctuations may continue intraday based on spot pricing and local surcharge.)
Should You Buy Now or Wait?
That’s the question buzzing in WhatsApp groups, marriage halls and trader circles. Historically, dips like these have proven to be entry points for long-horizon buyers. However, if global cues heat up again, the current softness may not last. If geopolitics stays volatile, gold’s return to fresh highs may arrive sooner than expected.
In short:
For investors: small staggers during dips may make sense
For wedding shoppers: this may be the window before the December-January premium kicks in
For traders: volatility is not done yet
Gold and silver have entered a cooling phase after the Diwali frenzy, but the macro narrative backing gold remains far from weak. Whether this is a breather or the start of a longer correction will depend on international headwinds, central bank buying, and next-round inflation signals. For now, the market is watching, and India is waiting to see how long this 'discount phase' survives.
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