Gold buying witnessed a strong surge across Gujarat on Dhanteras, with an estimated 150 kg of the precious metal sold across the state on Friday. Ahmedabad alone accounted for an estimated 60–80 kg of the total sales, reflecting strong festive demand.
According to wholesale trade estimates for gold and silver, the value of gold purchases across Gujarat stood at approximately Rs 210 crore, excluding GST and making charges, based on the benchmark rates of the India Bullion and Jewellers Association (IBJA).
Ahmedabad’s share was estimated at Rs 85 crore to Rs 113 crore, accounting for nearly 40–53% of the state’s total gold sales.
Gold Price Correction Brings Buyers Back to Markets
The recent decline in gold prices from their record highs has encouraged buyers to return to jewellery markets. On Friday morning, the IBJA fixed the benchmark rate for 24-carat (999 purity) gold at Rs 1,41,023 per 10 grams, down Rs 2,927 from Thursday.
The rate for 22-carat (916 purity) gold, commonly used in jewellery, stood at Rs 1,29,177 per 10 grams.
In Ahmedabad’s retail market, 24-carat gold was priced at approximately Rs 1,45,638 per 10 grams, while 22-carat gold was available at around Rs 1,33,404.
Jewellers in Ahmedabad, Surat, Rajkot and Vadodara had launched advance booking campaigns ahead of the festive season, presenting the price correction as an opportunity for buyers. Retail jewellers had projected a 20% increase in sales volume compared to Dhanteras last year.
Gold Prices Down Nearly Rs 40,000 From January Peak
Gold prices have corrected significantly from their record levels earlier this year. MCX gold futures touched an all-time high of Rs 1,80,779 per 10 grams on January 29, 2026, amid central bank purchases, expectations of interest rate cuts and demand for safe-haven assets.
Friday’s IBJA benchmark rate was approximately Rs 39,750 below that peak, marking a decline of nearly 22%.
By the end of October, gold prices had stabilised around Rs 1,43,000–1,44,000 per 10 grams. A sell-off that began in the artificial intelligence sector on Wall Street spread to global markets this week, adding to the downward pressure on gold prices.
Gold Remains More Expensive Than Dhanteras Last Year
Despite the recent correction, gold continues to be more expensive than it was during last year’s Dhanteras.
According to IBJA data, 24-carat gold was priced at Rs 1,30,874 per 10 grams on Dhanteras, celebrated on October 18, 2025. Friday’s benchmark rate of Rs 1,41,023 is approximately Rs 10,150, or 7.8%, higher than last year’s level.
This means buyers who purchased gold on Dhanteras last year are currently sitting on gains of around 8%.
Gold prices had surged by more than 60% between the 2024 and 2025 festive seasons. So far in 2026, the metal has gained approximately Rs 8,000, with its price standing at around Rs 1.33 lakh per 10 grams on December 31, 2025.
Silver Prices Witness Further Decline
Silver prices also continued their downward movement. On Friday, IBJA quoted 999-purity silver at Rs 1,81,863 per kg, down Rs 6,019 from Thursday.
Silver has declined by approximately Rs 49,000 per kg since the beginning of 2026. However, it continues to trade above its Dhanteras 2025 level of around Rs 1,57,300 per kg.
Gold and Silver Sales Across India Expected to Touch Rs 1 Lakh Crore
According to estimates by the Confederation of All India Traders (CAIT), gold and silver sales across India during Dhanteras are expected to reach approximately Rs 1 lakh crore.
The All India Jewellers and Goldsmiths Federation (AIJGF) has projected a 10% year-on-year increase in sales.
However, the actual amount spent by jewellery buyers is considerably higher than the benchmark value of the gold. Customers have to pay 3% GST along with making charges, which generally add another 8–20% to the metal’s value.
Consequently, Gujarat’s actual retail spending on gold during Dhanteras is expected to be significantly higher than the estimated benchmark value of Rs 210 crore.