Home / Business and Economy / Dhanteras Gold Rush: Prices Drop, Demand Soars
Dhanteras Gold Rush: Prices Drop, Demand Soars
3 Nov
Summary
- Gold prices have fallen significantly, down 21% from January's peak.
- Jewellers report increased customer traffic ahead of festive season.
- Specific rates for 22K and 24K gold vary across major Indian retailers.
Gold jewellery is experiencing a significant surge in demand as the auspicious occasions of Dhanteras and Diwali draw near. This renewed interest is largely attributed to a sharp decrease in gold prices over recent weeks, making the yellow metal more accessible for consumers. Reports indicate a notable increase in foot traffic at jewellery stores, coinciding with the festive season and the commencement of the wedding season.
Gold has seen a substantial decline, trading approximately 21% lower than its record high earlier this year. This price correction has spurred buying activity. For instance, on November 6th, Tanishq offered 22K gold at Rs. 12,825 per gram and 24K gold at Rs. 13,991 per gram. Other prominent jewellers like Malabar Gold & Diamonds, Joyalukkas, and Kalyan Jewellers also reflected competitive pricing for 22K and 24K gold, with rates hovering around Rs. 12,775 per gram for 22K gold across major Indian cities.
