With major festivals like Dussehra and Diwali just days away, the tradition of buying gold during this festive season is once again in focus. However, gold prices in India have surged sharply compared to last year. While the price of 10 grams of 24-carat gold stood at around Rs 75,000 last year, it has now risen to nearly Rs 1,10,000. Especially during festive and wedding seasons, prices typically spike even further.
After a steep rise, gold prices have eased slightly over the past two days, with 24-carat gold dropping by about Rs 500. Currently, 10 grams of gold are priced at Rs 1,09,264, while silver is trading at Rs 1,25,563 per kg. Market experts say there is a possibility of further decline in gold and silver prices. They cite factors like easing import duties and a stronger Indian Rupee against the US Dollar as reasons that could keep gold prices from rising further.
Analysts predict that gold prices could fall by up to 10% in the coming months, with a short-term dip of around 5–6%. However, they expect silver prices to remain stable. International gold prices are estimated to hover around $3,700 per ounce during the festive period, and domestic prices could even fall below Rs 1 lakh per 10 grams. Experts caution middle-class buyers not to purchase gold immediately and advise waiting a few months for better prices. Notably, while buyers earlier preferred 22K and 24K jewellery, many are now opting for 18K and 14K ornaments as a more affordable alternative.