Following record highs during the festive season, silver prices in India posted a sharp correction post-Dhanteras, as sellers indicated heavy profit-booking and slackening demand post-festival fervor. The silver price today is close to ₹1.44 lakh per kg, compared to the Dhanteras high of nearly ₹1.57 lakh, which is a drop of close to ₹13,000 per kg in a mere two days.
Both gold and silver prices went through the roof during Dhanteras and Diwali week in key cities, backed by robust jewelry demand and precious-metal rallies on global bourses. Jewelry stores like Tanishq, Kalyan Jewellers, and Malabar Gold saw an astonishing inflow of customers as people rushed to buy gold and silver coins, ornaments, and bars for ritualistic purposes.
Festive Demand Pushes Precious Metals to Record Highs
In the cities of Delhi, Mumbai, Pune, Chennai, and Kolkata, today’s gold rate ranged between ₹6,940 and ₹7,050 per gram for 22-carat gold, and 24-carat gold reached almost ₹7,700 per gram in certain areas. The silver rate today in Delhi was seen at ₹1.44 lakh per kg, and the silver price today in Kolkata was around ₹1.46 lakh.
The festival shopping mood, combined with worldwide volatility and hopes of U.S. Fed cuts in interest rates, drove prices of gold MCX and silver MCX to multi-month highs last week. In the MCX (Multi Commodity Exchange), silver futures touched a record ₹1.55 lakh briefly before backing off on Friday. Gold MCX prices were hovering around ₹71,000 per 10 grams before weakening later on Friday.
Jewellers Report Record Sales
Jewelry stores reported that this year’s Dhanteras witnessed one of the biggest buying sprees in recent times. “There was very positive sentiment among customers. Buyers were opting for the Tanishq gold price and Kalyan Jewellers’ festival offers, and silver coins were witnessing huge demand,” reported a bullion trader in Mumbai.
Gold rate today Pune, gold rate today Chennai, gold rate today Delhi and the gold rate in Hyderabad were a few of the most searched keywords on Dhanteras as shoppers monitored real-time prices before making their way to shops. Online websites also witnessed record sales for 1-gram silver coins as buyers were focusing on lower denominations with metal prices escalating.
Post-Festival Correction and Market Outlook
Following the purchasing spree, market players signaled a retreat in the form of festive demand drying up and global markets correcting themselves. Experts opine that the silver MCX live price can consolidate around ₹1.42–₹1.45 lakh in the near term, with possible support at ₹1.40 lakh per kg.
Analysts feel that although the short-term rally has been halted, the long-term perspective for gold and silver prices today still remains upbeat with persistent safe-haven and industrial consumption of silver, and restricted global supply. The investors can watch out for MCX price movements in gold and global leads for direction in the near term.
