Overview
- MCX contracts, which opened lower Monday, showed gold down about ₹1,766 per 10 grams and silver down nearly ₹5,000 per kg as traders locked in gains and the US dollar strengthened.
- Retail prices held near elevated levels after the buying window closed, with 24K gold around ₹1.55 lakh per 10 grams and silver close to ₹2.74–₹2.75 lakh per kilogram across major cities.
- Festival spending reached an estimated ₹20,000 crore, yet many jewellers reported lighter volumes as shoppers chose coins, bars, and lightweight pieces over heavy jewellery.
- Stores trimmed making charges to roughly 7–13% to support sales, and industry groups noted later-day footfall and relatively stronger demand in southern markets.
- Brokerage Axis Direct projected a medium-term rise toward ₹1.7–₹1.85 lakh per 10 grams in India, citing central‑bank buying and geopolitical risk as supportive, while cautioning that near‑term moves may stay volatile.