New Delhi: Prime Minister Narendra Modi on Saturday morning extended warm greetings to citizens on the occasion of Dhanteras 2025, wishing prosperity, happiness, and good health for all. Taking to social media platform X (formerly Twitter), the Prime Minister wrote, “Heartfelt Dhanteras greetings to all my family members in the country. On this sacred occasion, I pray for everyone’s happiness, prosperity, and good health. May Lord Dhanvantari bestow his abundant blessings upon all.”

The message came as millions across India thronged jewellery shops and markets to purchase gold, silver, and utensils — a tradition believed to bring wealth and fortune. However, this year’s festive buying spree coincided with a notable correction in gold and silver prices after weeks of rally.

Gold, silver see steep correction on MCX

After touching record highs recently, both gold and silver prices fell sharply on Friday, October 17, amid a profit-taking phase in the global precious metals market.
According to data from the Multi Commodity Exchange (MCX), 24-carat gold prices, which had hit a lifetime high of ₹1,32,294 per 10 grams, slipped by nearly 3 per cent to ₹1,25,957 per 10 grams.

Silver, which had surged past ₹1,70,000 per kilogram earlier this month, saw a sharper decline of over 8 per cent, falling to ₹1,53,929 per kilogram.
Analysts attributed the dip to short-term profit booking and easing global risk sentiment after geopolitical and trade tensions briefly subsided.

Despite the pullback, experts maintain that both gold and silver continue to hold strong fundamentals, with prices expected to stabilise at elevated levels in the medium term. Year-to-date, gold prices have still gained more than 30 per cent, underscoring their appeal as safe-haven assets.

Festive demand remains high despite price correction

Jewellery markets across Delhi, Mumbai, Chennai, Kolkata, Hyderabad, and Bengaluru witnessed robust customer turnout as Dhanteras buying began early in the day. Retailers said that despite high prices, sentiment remained upbeat, with buyers viewing the correction as an opportunity to make festive purchases at slightly lower rates.

Gold bullion in Delhi and Mumbai traded around ₹1,27,000 per 10 grams, while silver hovered near ₹1,57,000 per kilogram. Jewellers noted that making charges, GST, and local levies could marginally raise retail prices for consumers.

Traffic snarls hit Delhi-NCR amid Dhanteras rush

In the national capital, traffic congestion was reported across major shopping zones such as Lajpat Nagar, Karol Bagh, Chandni Chowk, and South Extension. The Delhi Traffic Police issued an advisory urging commuters to plan their travel in advance. Additional restrictions were imposed around the Jawaharlal Nehru Stadium (JLN) due to the Travis Scott concert, coinciding with the festive shopping rush.

Motorists reported delays across Ashram, Dhaula Kuan, AIIMS Flyover, and Noida Link Road, as last-minute Dhanteras shopping added to already heavy Diwali-week traffic. Police personnel have been deployed at key intersections to regulate movement and ensure smoother traffic flow during the festival weekend.

Outlook: Gold, silver likely to stabilise post-festival

Market experts predict that after the temporary correction, both gold and silver may consolidate before resuming their upward trend. Persistent inflation concerns, global currency fluctuations, and continued investor interest in safe-haven assets are likely to keep bullion demand firm through the Diwali and wedding season.

While festive sentiment and lower volatility may provide short-term relief to buyers, analysts caution that volatility could return once international trading resumes next week.