Sales of gold and silver increased by a fourth on Dhanteras day, according to a traders body, underscoring the demand for bullion despite sky-high prices.
Indians bought gold and silver worth ₹60,000 crore—25% more than last year—even as gold prices surged 60% year-on-year to 1.3 lakh per 10 gm and silver prices rose 55% to ₹1.8 lakh per kg, the Confederation of All India Traders said in a statement.
“The past two days have seen an unprecedented rush in jewellery markets,” Pankaj Arora, national president of CAIT's All India Jewellers and Goldsmith Federation, told the Press Trust of India. Delhi's bullion markets recorded sales exceeding ₹10,000 crore, he said.
Dhanteras, celebrated on the thirteenth day of the Hindu month of Kartik, is considered an auspicious day for purchasing gold, silver, utensils and other items symbolising prosperity. It marks the beginning of the five-day Diwali festival.
Beyond Bullion
Apart from gold and silver, Indians bought utensils and kitchen appliances worth ₹15,000 crore and electronics worth ₹10,000 crore on Dhanteras.
CAIT Secretary General Praveen Khandelwal attributed the surge to GST rate cuts and the “Swadeshi” campaign amid 50% US tariffs on Indian goods.
“Consumers are showing a clear preference for Indian products, benefiting small traders, artisans and manufacturers,” Khandelwal said.
{{/usCountry}}“Consumers are showing a clear preference for Indian products, benefiting small traders, artisans and manufacturers,” Khandelwal said.
{{/usCountry}}Traditional markets, jewellery bazaars and local retail shops witnessed record customer turnout alongside modern shopping malls during the festival.