Dhanteras gold sales are running on two tracks this year. Showrooms in Hyderabad report thinner footfall and smaller purchases, while jewellers nationally expect volumes to rise 15-20 per cent over last year. Jewellery managers said footfall had fallen short of last year's, with budgets stretched by rates still higher than a year ago. Both readings come against a day of falling prices, with bullion futures slipping on the Multi Commodity Exchange.
Gold futures on the MCX dropped ₹2,451 to ₹1,41,644 per 10 grams, a 1.70 per cent fall, while silver futures lost ₹3,782 to ₹1,83,358 a kilogram, down 2.02 per cent. The correction was tied to shifts in industrial demand and the geopolitical landscape. Retail rates in Hyderabad stood at ₹1,31,500 per 10 grams for 22-carat gold and ₹1,43,450 for 24-carat, with silver at ₹1,950.
The wider arc looks different. According to the India Bullion and Jewellers Association, 99.9-purity gold traded near ₹1.30 lakh per 10 grams last Dhanteras and around ₹1.41 lakh this year, well below January's record of ₹1.83 lakh. Prices have corrected roughly 13 per cent over six months and 5 per cent in the past month.
Yet the mood in Hyderabad is cautious. Navnath S. Bhosale, a showroom manager in Somajiguda, said buyers who once took 10 grams are now settling for around five, and that fewer customers are walking in. Bulk buyers who had planned 500 grams or 1.5 kg were weighing coins and silver instead, he said, and online purchases were running higher than offline.
Rohit Rudrangi, who runs a shop on RP Road, said orders that once came in kilograms have shrunk to grams, with customers asking for lighter pieces. Even with rates comparatively lower than a year ago, he said money flow was not encouraging and sales were below expectations. Some buyers still came for tradition: Janardhan said buying gold on Dhanteras would bring prosperity home.
Nationally the picture is brighter. Joy Alukkas, chairman and managing director of Joyalukkas Group, said demand had improved over last year and volumes could grow about 20 per cent, helped by festive demand and the wedding season. Ramesh Kalyanaraman, executive director of Kalyan Jewellers, said footfalls were picking up significantly. Industry players say tier-2 and tier-3 cities are driving sales, with buyers moving to 14K and 18K gold, lightweight pieces and fine silver.
Ankur Daga, co-founder and CEO of Angara, said lower caratages let shoppers get "the look and craftsmanship" of a festive piece without stretching household budgets, and that buyers now assess cost-per-wear. Some experts link a government move to halt investments in gold ETFs to a shift towards coins and bars. Showrooms are offering discounts and cutting making charges, and jewellers are counting on the wedding season to lift sales.
(With inputs from media reports)