Gold prices experienced a sharp decline on Friday as India celebrated Dhanteras ahead of Diwali, with MCX gold futures for December 4 delivery trading at ₹1,41,700 per 10 grams, down ₹2,395, or 1.66%, from the previous close of ₹1,44,095. According to Goodreturns, the retail price of 24-karat gold declined by ₹256 per gram to ₹14,346 on November 6. The contract recorded an intraday low of ₹1,41,570 and a high of ₹1,42,601, with its average traded price standing at ₹1,42,065.67 per 10 grams. The decline was attributed to a rebound in crude oil prices that raised inflation worries and increased expectations for higher-for-longer interest rates. In global markets, spot gold fell 0.6% to $4,063.39 per ounce, though it was up 4% so far this week, while US gold futures for December delivery dropped 1% to $4,072.90.
The latest decline has made gold more affordable for retail buyers across different purities. According to Goodreturns, 22-karat gold fell by ₹235 per gram to ₹13,150, while 18-karat gold declined by ₹193 per gram to ₹10,759. Retail gold rates may vary depending on the city, jeweller, making charges and applicable taxes. Despite the recent correction, gold prices remain significantly higher than a year ago, with gold trading near ₹1,42,000 per 10 grams on Dhanteras 2026, reflecting a year-on-year increase of more than 11% from MCX gold prices hovering around ₹1,27,000 per 10 grams on Dhanteras 2025.
Despite price volatility, jewellers are expecting robust sales during Dhanteras 2026. According to PTI, All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde expects gold and silver sales to increase by 20-30% in value terms this Dhanteras. However, sales volumes of gold are expected to remain largely unchanged from last year, with consumers increasingly opting for lightweight jewellery and smaller-ticket purchases. The correction in prices could also encourage families with weddings in the coming months to advance their jewellery purchases. World Gold Council Regional CEO (India) Sachin Jain said the recent price correction has stimulated jewellery demand, with wedding-related purchases likely to support sales across categories, including jewellery, coins and bars.
For those unable to visit jewellery stores amid the festive rush, online platforms and quick-commerce apps offer alternative purchasing options. Buyers can explore products listed on Blinkit, Swiggy Instamart, Amazon Now and BigBasket, with products available in different weights, designs and purity levels. The listed options include 0.5-gram and 1-gram, 24-karat gold coins, as well as silver coins in different denominations. This digital approach provides convenience for time-constrained buyers during the busy festive season.
