Trend reversal: Gold and silver prices may peak on Dhanteras

The bullion market is witnessing a reversal of its traditional pattern this festive season. Gold and silver prices remain volatile, but jewellers expect the usual post-Navratri dip to be absent. (Unsplash/Representational image)At the beginning of the year, gold rates were recorded at ₹1,37,120 per 10 gm and silver at ₹2,38,000 per kg on January 1. On October 12, gold was priced at ₹1,51,037 per 10 gm and silver at ₹2,23,300 per kg. On October 13, gold rose to ₹1,52,500 and silver to ₹2,29,500. “The current rates are the lowest in the past one year, making it the most beneficial time for customers to buy. These prices will not hold. Even if there is no big jump until Dhanteras, prices will record a rise thereafter. Also read: Gold rises as softer oil prices ease inflation concerns, Fed hike bets in focusGlobal instability expected to keep bullion prices elevatedUP Adarsh Vyapar Mandal’s Sarafa cell in-charge Kshitij Awasthi said global recession fears, sluggish stock markets and corporate layoffs have deepened uncertainty. “Not only common investors but central banks are increasing physical gold holdings instead of US dollar bonds. “There is a perception of recession but actually inflation is impacting every trade. The market seems volatile. This time, the old Dhanteras trend is set to break as both demand and prices will surge during festivals and may break new records even after Diwali,” he added.