Gold, Silver Prices Fall Ahead Of Dhanteras: Should You Buy Now Or Wait?

Gold and silver prices have taken a sharp hit just days before Dhanteras, giving buyers a reason to reconsider their festive purchases. But with precious metals still vulnerable to market swings, a price correction does not necessarily mean the rally is over or that prices cannot fall further.

Dhanteras, which falls on November 6 this year, is traditionally considered an auspicious occasion to buy gold and silver. For many Indian households, the purchase is as much about tradition and long-term savings as it is about investment returns.

The latest correction has brought some relief to consumers. However, the bigger question is whether to buy gold, silver, jewellery or coins this Dhanteras, and whether digital gold offers a better alternative for smaller budgets.

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Silver prices fell nearly 3 per cent on the Multi Commodity Exchange (MCX) on November 3, shedding more than Rs 5,000 per kg. At around 11:50 am, silver futures were trading at Rs 1,78,624 per kg, down Rs 5,155.

The fall follows a sharp correction in October, when silver futures declined around 20 per cent, while gold futures dropped approximately 7 per cent.

Should You Buy Gold This Dhanteras?

For households looking to purchase gold for weddings, gifting or long-term savings, the recent price decline could offer some relief.

However, buyers should avoid treating a single day's fall as a signal that gold has become cheap. Prices remain influenced by global bullion movements, interest rate expectations, the US dollar and the rupee's performance.

Vikram Subburaj, CEO of Giottus.com, said domestic gold and silver prices would continue to respond to movements in the rupee-dollar exchange rate and international bullion markets.

"Domestic prices will also respond to the rupee-dollar exchange rate and global bullion moves. Staggered buying and disciplined position sizing may help manage volatility while the market searches for direction," Subburaj told NDTV.

For consumers planning a jewellery purchase, the decision should also depend on their budget and the purpose of buying.

Gold Jewellery, Coins Or Digital Gold: What Should You Buy?

The right choice depends on whether the purchase is meant for wearing, gifting or investment.

1. Gold Jewellery: Buy For Wearing, Not Just Returns

Jewellery remains the most popular Dhanteras purchase for many households. But it is important to remember that buying jewellery involves costs beyond the price of gold. Making charges, wastage charges and GST can increase the final bill. These costs are generally not recovered when the jewellery is sold back. Consumers should also check the purity of the metal. While 22-karat gold is commonly used for jewellery, 18-karat gold is increasingly popular for contemporary designs. Before making a purchase, check the BIS hallmark, purity marking and six-digit Hallmark Unique Identification (HUID) code. The HUID can be verified through the BIS Care app. 

2. Gold Coins: A Traditional Dhanteras Gift

Gold coins are a popular alternative for consumers who want to buy gold without paying jewellery-making charges. Coins are available in different weights and purity levels. Buyers should compare the total purchase price, including any minting or fabrication premium, instead of looking only at the gold rate. They should also ask the seller about buyback conditions. A coin's resale value depends on its purity, weight and the seller's applicable valuation terms.

3. Silver Coins And Utensils: A Budget-Friendly Alternative

Silver remains an attractive option for households that want to participate in Dhanteras buying without spending as much as they would on gold. Popular purchases include silver coins, idols, diyas and utensils. These products are often bought for puja, gifting and household use. However, silver is not necessarily a safer investment simply because it costs less than gold. Silver prices can be particularly volatile because the metal is influenced by both investment demand and industrial consumption. The recent correction is a reminder that buyers should not assume prices will immediately recover.

4. Digital Gold: Can You Start With A Small Amount?

Digital gold has made it possible for consumers to buy gold in small amounts without visiting a jewellery store. Gaurav Mathur, Founder and CEO of SafeGold, told NDTV that the recent price correction had encouraged consumers to increase their digital gold purchases. "The fall in prices has spurred demand on SafeGold, with buying running at 1.5 to 2 times business-as-usual levels as customers use lower prices to add to their holdings," Mathur said.

He said consumer behaviour was also changing, with more buyers choosing to hold gold digitally instead of taking physical delivery. "Customers increasingly plan purchases through monthly SIPs and keep a smaller 'shagun' purchase for the festival itself, with coins deliverable from as little as 0.1 gm, which brings even budget-conscious buyers within reach," Mathur said. According to Mathur, more than 100,000 customers have opted to lease their gold through SafeGold, either digitally or through its partner network. He added that Dhanteras was increasingly becoming one milestone in a year-round savings habit rather than a single day for making a large purchase.

However, consumers should remember that digital gold is not the same as buying a gold ETF. Digital gold products do not currently have the same regulatory framework as securities regulated by SEBI. Buyers should understand the platform's custody arrangements, redemption terms and applicable charges before investing.

{Disclaimer: The market figures above are dated November 3, 2026, and refer to MCX futures, not retail jewellery prices. Retail rates, GST and making charges can differ.}