Gold prices have surged by over 25% in the past year. Last Diwali, gold was priced at â¹62,000 per 10 gm, and it is currently trading at â¹78,500. Meanwhile, silver price currently stands around â¹1 lakh per kg. Gold is expected to touch 80,000 per 10 gm soon.
While a section of gold jewellers are seeing subdued sales, large retailers continue to see good footfall.
"Despite the traditional significance of purchasing precious metals on this day, many consumers are opting to hold back, leading to a noticeable decline in footfall at jewellery stores," Delhi-based Jai Kabra, founder of Resham Group.
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