Mumbai: Gold and silver prices eased on Tuesday after hitting record highs in the previous session, as investors booked profits. Despite the short-term correction, jewellery sales surged 35–40% during Dhanteras across India, reflecting strong festive demand. This Gold & Silver Market Update shows the resilience of festive buying.
Silver ETFs, which had delivered stellar one-year returns of around 65–70%, faced sharp corrections as global prices cooled due to improved physical supply and easing safe-haven demand. Earlier this month, silver spot prices had crossed $50 per ounce amid fears of shortages, but they retreated after trade tensions eased. On October 20, silver in India fell 7%, dropping from Rs 1,71,275 per kg to Rs 1,60,100 per kg, impacting domestic ETFs. This is a key point in the Gold & Silver Market Update.
Gold also softened after hitting an all-time high of $4,381.21 per ounce on Monday. Spot gold slipped 0.3% to $4,340.29 per ounce, while US gold futures eased amid expectations of further interest rate cuts by the Federal Reserve. Investors are closely monitoring these trends as part of the Gold & Silver Market Update.
The MCX observed special Muhurat trading on October 21, with a pre-open session from 1:30 p.m. to 1:44 p.m., followed by the Muhurat trading window from 1:45 p.m. to 2:45 p.m. Key events like these are often highlighted in the Gold & Silver Market Update.
Despite price corrections, festive demand remained robust. The All India Gem & Jewellery Promotion Council reported that around 50–60 tonnes of jewellery sold nationwide over two days of Dhanteras, generating nearly Rs 85 crore in sales. The overall value grew 35–40% due to higher prices and strong consumer interest.
“Silver sales nearly doubled this season,” noted the council. With Dhanteras coinciding with the weekend and followed by Diwali and Bhau Beej, they anticipate total jewellery sales reaching 100–120 tonnes, valued between Rs 1 lakh crore and Rs 1.35 lakh crore.
