India's Dhanteras gold sales rose an estimated 15-20% by value to about Rs 60,000 crore, the All India Gem and Jewellery Domestic Council said. It expects volumes to stay broadly flat because prices remain above last year's level.
At a glance
- The council expects silver sales to rise 30% by value and 10% by volume.
- Delhi gold was Rs 1.46 lakh per 10 grams, below January's Rs 1.83 lakh peak but above last Dhanteras.
- NSE recorded its highest trading in Electronic Gold Receipts, at 2,27,692 units.
Background
Dhanteras is the Hindu festival that opens the Diwali period, and many Indian families buy gold and silver on the day. Sales by value include the effect of price changes, so value can rise while the weight sold stays flat. Electronic Gold Receipts are exchange-traded holdings backed by physical gold. India raised its import duty on gold to 15% in May.
What happened
Gold sales on Dhanteras reached about Rs 60,000 crore, chairman Rajesh Rokde of the All India Gem and Jewellery Domestic Council told PTI, in a preliminary estimate reported by CNBC TV18.
That would be a rise of 15-20% by value from last year. The council expects the quantity sold to be broadly unchanged, and silver sales to rise 30% by value and 10% by volume.
Estimates differ. Jewellers told The Economic Times that volumes rose 8-10% and value 18-20%, while P N Gadgil Jewellers put expected gold and silver sales at about Rs 40,000 crore. A traders' federation said sales topped Rs 66,000 crore over several days.
Why buyers came back
Prices eased just before the festival. Kalyan Jewellers said its 22-carat rate fell to Rs 13,150 a gram on Friday from Rs 13,385 on Thursday, and it called the drop an added impetus for buyers.
PTI reported 24-carat gold in Delhi at Rs 1.46 lakh per 10 grams including taxes, down from Rs 1.83 lakh on January 29. That remains above Rs 1.32 lakh on last year's Dhanteras, which explains why value is rising faster than weight.
Buyers also spent with more care. Jewellers reported demand for lightweight pieces, small coins and lower-carat designs, and old-gold exchange helped to fund purchases.
What it means
The day points to steadier retail demand after a weak year hit by the higher import duty and record prices, but mostly in rupee terms. Kama Jewelry said 18-carat pieces made up about half of its sales.
Gold is also moving into financial form. NSE said Electronic Gold Receipts traded a record 2,27,692 units on the day. The wedding season is the next test of whether demand lasts.
Our read
Outlook: bullish. Festival buying shows Indian demand recovering in value terms, but flat volumes limit the support for global prices.
What to watch
- Final Dhanteras and Diwali sales figures from jewellers.
- Demand during the wedding season.
- October and November gold import data.
For information only, not investment advice.
Gold price in India
metalscost.com India reference price as of 2026-11-10.
Detailed analysis
Timeline
- 2026-11-06: India marks Dhanteras, with gold sales estimated at about Rs 60,000 crore.
Demand Drivers
Lower prices just before the festival lifted showroom visits, with demand for lightweight jewellery and small coins.
Trade Tariffs
India's 15% gold import duty, raised in May, has weighed on demand this year.
Global Consumption
India is the world's second-largest gold consumer, so festival demand matters for the wider market.
What could lift prices
- Sales rose 15-20% by value, and jewellers reported higher showroom visits.
- Jewellers expect the wedding season to support demand.
What could weigh on prices
- The council expects the weight of gold sold to be broadly unchanged.
- Buyers are choosing lighter jewellery and exchanging old gold, which limits new demand.
Country impact
| Country | Impact | Reason |
|---|---|---|
| India | High | Dhanteras is one of the country's largest buying days for gold and silver. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Jewellery | Positive | Retailers reported higher footfall and stronger sales value. |
Who gains, who loses
- Organised jewellers: Senco Gold reported more than 25% growth in sales value.
- Sellers of heavy jewellery: Buyers are moving to lighter pieces and lower-carat designs.
Other ways this could play out
- If prices stay near current levels, wedding season buying could keep demand firm.
- If gold rises sharply again, buyers may return to smaller purchases and old-gold exchange.
Price risks
- Higher rupee gold prices could deter buyers again.
- Festival estimates are preliminary and may be revised.
Technical view
Price is mixed relative to its 20-period and 50-period moving averages, showing no clear trend alignment.
Computed from metalscost.com's own stored price history.
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