Gold and silver prices were unchanged at the start of the week, giving jewelers and retail buyers a brief respite after a sharp run of swings that has knocked gold down nearly ₹9,000 from its September peak.
Gold and silver flat ahead of Diwali demand
Gold is trading at ₹13,675 per gram, or ₹1,09,600 per sovereign, after moving up and down almost daily through late September and early October. The latest pause follows a sequence that saw gold rise to ₹13,710 per gram on Sept. 30, slip to ₹13,680 on Oct. 1, climb to ₹13,775 on Oct. 2 and then ease back to ₹13,675 on Oct. 3 before holding steady on Oct. 4.
Sentiment IndicatorsⓘProprietary · adalytica.com · October 5, 2026
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Silver is also flat, quoted at ₹245 per gram and ₹2.45 lakh per kilogram. The stability matters because precious-metal pricing feeds directly into wedding and festive-season jewelry demand, and any sustained decline can improve affordability for households while supporting sales volumes for retailers.
The move comes with the market still digesting a correction that has brought gold off recent highs and left silver volatile as well. For jewelers, lower and steadier prices can help inventory planning ahead of Diwali, when buying typically accelerates; for consumers, the pullback improves the odds of locking in purchases before demand pushes prices higher again.
In global markets, gold-related funds and mining stocks are showing a more cautious tone. GLD, the SPDR Gold Shares ETF, has been hovering below its 50-day moving average, while Adalytica’s Gold Fear & Greed Index sits at 3, or “Extreme Fear,” suggesting sentiment has turned defensive even as the metal itself finds support near current levels. Silver ETF SLV and miners fund GDX have also eased, with both trading below their 50-day moving averages, underscoring the recent cooling in the precious-metals trade.
The key question now is whether the festive buying season absorbs the recent correction or whether prices roll over again if global risk appetite improves. For investors, the next catalyst is whether physical demand in India can turn the current pause into a firmer floor for gold and silver into Diwali.
| Entity | Gains | Losses |
|---|---|---|
| Jewelers | ▲Better inventory timing | ▼Margin risk if prices rebound |
| Consumers | ▲Lower entry prices | ▼Missed savings if demand lifts rates |
| Gold buyers | ▲Stable pricing | ▼No deeper correction |
| Silver buyers | ▲Cheaper festive purchases | ▼Volatility if momentum returns |
