Forward this to anyone in Mumbai who has been waiting for a sign to buy gold: the sign, jewellers say, is the price chart itself. Gold has fallen more than 7 percent in a month, and buyers who sat out the rally are walking back into stores ahead of Dhanteras on Friday, November 6.
The Economic Times report, carried by TradingView News on November 3, puts Mumbai spot gold at Rs 1.37 lakh per 10 grams on Monday, down from Rs 1.48 lakh a month earlier and well below the all time high of Rs 1.80 lakh recorded on January 29. Those are the report's market figures, not a shop quote, and the day's live rate is on our Mumbai page. What matters on the ground is the response. Surendra Mehta, national secretary of the India Bullion and Jewellers Association, predicted that Dhanteras sales volume would rise 10 to 12 percent from a year earlier. That is his forecast, made ahead of the day, and we carry it as the trade's expectation.
The buying has a practical shape. Jewellers report stronger footfall since last week, demand for gold jewellery as well as silver coins and articles, and advance bookings gathering pace for the wedding season, as families use the softer price to lock in purchases they had deferred. Ramesh Kalyanaraman of Kalyan Jewellers told the paper that lightweight and 18 karat collections are helping customers choose traditional designs at more accessible prices, and Vipul Shah of Aura Jewels said the fall gives buyers room to consider slightly heavier pieces within the same budget.
Buyer takeaway: If you deferred a wedding or Dhanteras purchase during the rally, compare making charges on lightweight and 18 karat pieces across two Zaveri Bazaar counters, check the BIS hallmark and HUID, and see today's live rate on our Mumbai page before you set out.
Source: TradingView News (Economic Times syndication), 3 Nov 2026
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