Gold Crosses ₹1.3 Lakh, Silver Shortage Hits Middle Class: Chandni Chowk Markets Deserted
Gold ₹1.3 Lakh, Silver Shortage: Chandni Chowk Empty

Delhi's historic Chandni Chowk, typically bustling with eager shoppers and jewellery enthusiasts, now presents an unusually deserted appearance as the dual challenges of skyrocketing gold prices and acute silver shortage take their toll on the market.

Gold's Unprecedented Surge

The precious metal market has witnessed gold crossing the psychological barrier of ₹1.3 lakh per 10 grams, creating shockwaves among potential buyers. This remarkable price surge has forced many middle-class families to postpone or cancel their jewellery purchase plans, particularly affecting wedding season shopping.

Silver Crisis Deepens

Compounding the gold price issue is a severe shortage of silver in the market. Shop owners report that silver has become increasingly difficult to source, with supply chain disruptions and increased global demand creating an unprecedented scarcity. The silver shortage has particularly impacted the middle-class segment, which often turns to silver jewellery as a more affordable alternative to gold.

Market Impact

The combined effect of these factors has transformed one of Delhi's most vibrant markets into a quiet, almost ghost-like version of its former self. Shopkeepers who typically rely on the steady stream of customers now spend their days waiting for the occasional buyer, with many reporting business declines of up to 60-70% compared to previous seasons.

Middle Class Bear the Brunt

The current market conditions disproportionately affect middle-income families who form the backbone of Chandni Chowk's customer base. These buyers, caught between aspirational purchases and budgetary constraints, find themselves priced out of the market entirely. Many who had been saving for special occasions now face the difficult choice of either compromising on quality or postponing their purchases indefinitely.

Market analysts suggest this trend reflects broader economic pressures facing Indian consumers, with precious metal prices serving as a barometer for both inflation and disposable income challenges affecting millions of households across the country.