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Gold, silver price correction lifts festive hopes; jewellers see buying interest pick up

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Gold, silver price correction lifts festive hopes; jewellers see buying interest pick up

Gold, silver price correction lifts festive hopes; jewellers see buying interest pick up

Gold has fallen nearly Rs 5,000 per 10 grams and silver about Rs 18,400 per kg from recent October levels, offering relief ahead of Dhanteras and Diwali. Jewellers say the correction could unlock deferred purchases, though higher spending is not guaranteed.

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New Delhi: A sharp correction in gold and silver prices is offering India's jewellery industry a timely reprieve ahead of Karva Chauth, Dhanteras and Diwali, with jewellers reporting renewed buying interest after weeks of elevated prices weighed on consumer sentiment.

Gold and silver prices have corrected sharply just weeks before Diwali, offering some relief to festive buyers. Between October 16 and October 27, the IBJA benchmark price of 24-carat gold fell by nearly Rs 5,000 per 10 grams to Rs 1.41 lakh, while silver dropped by over Rs 18,400 per kg to around Rs 1.92 lakh.

The correction comes after a challenging festive-season run for jewellers. ETRetail earlier reported on how surging gold prices were weighing on jewellery sales, prompting consumers to opt for lighter pieces and more affordable designs.

The latest price movement could now bring some of that deferred demand into the market.

"We saw fantastic momentum over the weekend as footfalls picked up significantly across our showrooms, with gold sales gaining strong traction," said Ramesh Kalyanaraman, executive director, Kalyan Jewellers .

The correction is giving customers greater confidence to proceed with purchases planned around Karva Chauth and Dhanteras, he said.


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