Dhanteras 2026: Gold and silver prices fall. Check city-wise rates

Gold and silver prices declined on Dhanteras as buyers checked city-wise rates. The correction offered festive relief, though retail costs still depend on charges and taxes.

In Short

• Gold and silver prices fell on Dhanteras, easing buying for shoppers
• Gold futures dropped 1.7%, silver futures declined 2.02% on MCX
• Experts suggest 70:30 gold-silver investment ratio amid volatile prices

Gold and silver prices declined on Dhanteras on Friday, November 6, offering some relief to buyers looking to purchase precious metals during the festive season.

On the Multi Commodity Exchange (MCX), gold futures were trading at Rs 1,41,644 per 10 grams at 12.43 pm, down Rs 2,451, or 1.70%, from the previous close. Silver futures were trading at Rs 1,83,358 per kg, falling Rs 3,782, or 2.02%.

The decline comes amid a sharp correction in precious metal prices, particularly silver, which has faced pressure from global market developments and concerns over industrial demand.

For consumers planning to buy gold or silver on Dhanteras, here is a look at the latest city-wise rates.

GOLD RATE TODAY: 22K AND 24K PRICES

According to the city-wise rates shared on November 6, 22-carat gold was priced at Rs 12,909 per gram in Delhi, Mumbai, Bengaluru, Jaipur, Kolkata and Pune. Chennai was slightly more expensive at Rs 12,939 per gram, while Hyderabad's rate stood at Rs 12,907 per gram.

For 24-carat gold, the rate was Rs 14,093 per gram in Delhi, Mumbai, Bengaluru, Jaipur, Kolkata and Pune. Chennai recorded a higher rate of Rs 14,125 per gram, while Hyderabad's price stood at Rs 14,091 per gram.

SILVER RATE TODAY: CITY-WISE PRICES

Silver was priced at Rs 182 per gram in Delhi, Chennai, Hyderabad, Jaipur and Kolkata. Mumbai, Bengaluru and Pune recorded a rate of Rs 181 per gram.

For eight grams, silver was priced at Rs 1,456 in Delhi, Chennai, Hyderabad, Jaipur and Kolkata, while Mumbai, Bengaluru and Pune recorded Rs 1,448.

WHY HAS SILVER SEEN A SHARP CORRECTION?

Silver has faced considerable pressure in recent weeks. According to Dr Renisha Chainani, Chief Research Officer at Augmont, silver futures fell around 20% in October.

She attributed the correction to expectations around US Federal Reserve policy, rising US bond yields and a sell-off in technology stocks, which led some investors to sell precious metals to cover losses.

Weak industrial demand has added to the pressure. Solar-related silver demand is expected to decline by around 19% in 2026, according to the expert's assessment.

However, the longer-term outlook is not entirely negative. The Silver Institute has forecast a supply deficit of 46.3 million ounces in 2026. Technical indicators also suggest that silver is approaching oversold territory.

For investors with a two-to-three-year investment horizon, Chainani said staggered buying could be considered, while cautioning that prices may remain volatile.

GOLD OR SILVER: WHAT SHOULD INVESTORS BUY?

For investors choosing between the two precious metals, gold remains the preferred core holding, while silver could be considered a smaller allocation.

Chainani said central bank purchases and inflows into gold exchange-traded funds (ETFs) have supported gold demand. Central banks bought 321 tonnes of gold in the third quarter, while gold ETFs added 211 tonnes, according to the figures cited in her assessment.

Silver could offer stronger gains if prices recover, but it also carries the risk of sharper declines. The gold-silver ratio, which measures how many ounces of silver are needed to buy one ounce of gold, was around 78, below its 2020-25 average of 82.

For most investors, she suggested a 70:30 allocation between gold and silver, built gradually through ETFs or systematic investment plans.

With both metals witnessing a correction, buyers may find some relief this Dhanteras. However, retail jewellery prices can differ from exchange-traded futures, and the final purchase cost will also depend on purity, making charges, taxes and the jeweller's pricing.

(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)

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