Mumbai, Maharashtra: Gold and silver prices witnessed a decline on the occasion of Dhanteras, offering some relief to buyers during the festive season. Both precious metals recorded a fall in prices on Friday. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold dropped by ₹2,677 to ₹1,41,452 per 10 grams, compared to its previous price of ₹1,44,129.
Prices of 22-Carat and 18-Carat Gold Also Decline
The price of 22-carat gold fell by ₹2,515 to ₹1,29,507 per 10 grams. Meanwhile, 18-carat gold declined from ₹1,08,097 to ₹1,06,089 per 10 grams.
The fall in prices has provided some relief to customers planning to purchase gold jewellery and coins during the festive season.
Gold and Silver Also Decline on MCX
Weakness was also observed in the futures market, where prices of both precious metals moved lower.
On the Multi Commodity Exchange (MCX), the gold contract maturing on December 4, 2026, was trading 1.30% lower at ₹1,42,218 per 10 grams. The silver contract declined by 1.05% to ₹1,85,181 per kilogram.
Gold and silver prices also fell in international markets. On COMEX, gold declined by 0.94% to $4,075 per ounce, while silver dropped by 0.58% to $52.07 per ounce.
Gold Trade Worth ₹60,000 Crore Expected on Dhanteras
Despite the decline in prices, the jewellery market is witnessing strong enthusiasm ahead of the festive occasion.
According to Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council, gold transactions worth approximately ₹60,000 crore are expected across the country on Dhanteras.
The council expects the value of gold trade to increase by 15% to 20% compared with last year.
Gold Prices Also Fall in Delhi
Gold prices also declined in the Delhi bullion market. The price of gold fell by ₹2,500 to ₹1,46,300 per 10 grams.
Meanwhile, silver prices dropped by ₹2,000 to ₹1,92,500 per kilogram.
The decline in precious metal prices during Dhanteras is expected to provide additional buying opportunities for customers during the festive season.
