The festive season has ignited an unprecedented gold rush across Chandigarh, with prices skyrocketing to a staggering ₹1,40,600 for 10 grams of 24-carat gold. As Dhanteras approaches, the city's jewelry markets are witnessing a buying frenzy that defies the soaring price tags.
Record-Breaking Gold Rally
Gold prices have reached historic heights, with 24-carat gold touching ₹1,40,600 per 10 grams and 22-carat gold settling at ₹1,28,900. This represents one of the most significant price surges in recent years, creating both excitement and concern among buyers and sellers alike.
Festival Spirit Overpowers Price Concerns
Despite the astronomical prices, the traditional Dhanteras gold-buying sentiment remains unshaken. Markets across Sector 22 and other commercial areas are experiencing heavy footfall as families continue their age-old tradition of purchasing gold during the auspicious festival.
Market Dynamics and Buyer Sentiment
Local jewelers report that while some customers are opting for lighter jewelry pieces or exploring gold coin options, the overall demand remains robust. The combination of wedding season demands and festive purchases has created a perfect storm for gold retailers.
"The price is definitely high, but Dhanteras comes only once a year," shared one buyer, echoing the sentiment of many who consider gold purchases during this period non-negotiable, regardless of market conditions.
Economic Factors Driving the Surge
Several factors contribute to this remarkable price rally:
- International gold market fluctuations
- Weakening rupee against the US dollar
- Increased festive and wedding season demand
- Global economic uncertainties driving safe-haven investments
Market analysts suggest that this trend might continue through Diwali and the subsequent wedding season, potentially pushing prices even higher in the coming weeks.
