Gold and silver prices witnessed a decline in the domestic market on Friday, November 6, even as India celebrated Dhanteras, one of the most auspicious occasions for purchasing precious metals. The price correction comes as consumers step up jewellery purchases ahead of Diwali, with many families looking to make the most of relatively lower rates.
According to the latest retail price updates, 24-carat gold was priced at ₹1,42,250 per 10 grams in Delhi, while 22-carat gold stood at ₹1,30,396. Silver prices also remained below the ₹1.85 lakh mark, with 999-purity silver quoted at ₹1,83,990 per kg in the national capital.
On the Multi Commodity Exchange (MCX), gold futures declined 1.18% to ₹1,42,750 per 10 grams, while silver futures fell around 1.54% to ₹1,84,650 per kg during morning trade. The decline reflects continued volatility in precious metal prices following recent movements in international markets.
Dhanteras traditionally sees increased demand for gold coins, jewellery, silver articles and investment products. Despite the recent correction from record levels, jewellers are expecting healthy festive purchases this year.
The decline comes after precious metals experienced sharp fluctuations in recent sessions. However, the latest correction has not erased the gains recorded over the past year. Gold and silver prices remain higher than their levels during last year’s Diwali season.
Retail gold prices differed slightly across major cities on November 6. The indicative rates for 24-carat and 22-carat gold per 10 grams were as follows:
In Delhi, 24-carat gold was priced at ₹1,42,250, while 22-carat gold stood at ₹1,30,396. Mumbai recorded rates of ₹1,42,490 for 24-carat gold and ₹1,30,616 for 22-carat gold.
In Bengaluru, 24-carat gold was available at ₹1,42,610 per 10 grams, while 22-carat gold was priced at ₹1,30,726. Kolkata recorded rates of ₹1,42,250 and ₹1,30,396 for 24-carat and 22-carat gold, respectively.
In Hyderabad, 24-carat gold was quoted at ₹1,42,660, while 22-carat gold stood at ₹1,30,773 per 10 grams. Chennai recorded the highest prices among these cities, with 24-carat gold at ₹1,42,850 and 22-carat gold at ₹1,30,946.
The differences in gold rates across cities are influenced by local taxes, transportation expenses, logistics and jewellers’ pricing structures.
Silver prices also remained under pressure on Friday. The price of 999-purity silver, which contains 99.9% silver, was quoted at ₹1,83,990 per kg in Delhi.
In Mumbai, silver was priced at ₹1,84,310 per kg, while Bengaluru recorded a rate of ₹1,84,460. Kolkata’s silver price stood at ₹1,84,200 per kg.
Hyderabad recorded silver rates of ₹1,84,740 per kg, while Chennai had the highest price at ₹1,84,980 per kg.
Silver has witnessed a substantial correction from its January peak. According to the latest market updates, prices have fallen nearly 52% from the January 29 record of ₹4,04,500 per kg to around ₹1,94,500 per kg in the benchmark market. Despite this correction, silver remains more expensive than its Dhanteras 2025 level of ₹1,70,000 per kg.
Several international factors have influenced precious metal prices in recent sessions. Rising crude oil prices have renewed concerns about inflation, strengthening expectations that central banks, particularly the US Federal Reserve, could maintain higher interest rates for longer.
Higher interest rates generally make non-yielding assets such as gold less attractive compared with interest-bearing investments. Changes in the dollar, bond yields and global economic conditions also influence bullion prices.
International gold prices had gained ground on Thursday, supported by a weaker dollar and lower Treasury yields. Investors were also monitoring developments following the US midterm elections and awaiting important employment data for clues about the future direction of interest rates.
However, domestic gold and silver futures moved lower during Friday’s morning session, reflecting the volatility in the global bullion market.
Despite elevated gold prices compared with last year’s festive season, jewellers are expecting healthy business during Dhanteras and Diwali.
Industry estimates suggest that the value of gold and silver sales could increase by 20-30% this Dhanteras compared with last year. However, the growth in sales value may not necessarily translate into higher purchase volumes, as consumers remain conscious of expensive precious metals.
The recent correction in gold prices has encouraged some customers to advance their purchases, particularly families preparing for weddings over the next three to six months.
Jewellers are also witnessing a shift towards lightweight jewellery, smaller ornaments and designs that require lower gold investments. Consumers are increasingly exploring different gold purities, including 18-carat and other lower-carat options, to manage their budgets.
Demand for diamond jewellery is another area showing strength. Industry representatives have indicated that consumers are exploring both natural and lab-grown diamonds, alongside traditional gold ornaments.
Retailers are introducing festive discounts, promotional schemes and offers on making charges to attract customers. Some jewellery chains are targeting more than 20% growth during the festive season.
Silver is also attracting younger buyers because of its relatively affordable price and availability in different designs. Silver jewellery, coins and decorative articles remain popular choices during the festive period.
Consumers planning to purchase gold on Dhanteras should compare rates across jewellers before making a decision. The quoted gold prices generally represent the base metal cost and may not include additional charges.
Jewellery purchases attract 3% GST on the value of gold, while making charges carry an additional 5% GST. Making charges, wastage costs and other applicable levies can increase the final bill.
Buyers should also check the purity of gold and look for the Bureau of Indian Standards (BIS) hallmark and HUID identification before purchasing jewellery.
For those buying gold primarily as an investment, physical gold is not the only option. Gold exchange-traded funds (ETFs) provide exposure to gold prices without requiring investors to manage physical storage or jewellery-making expenses.