Gold weakened again in Thursday’s Indian reference reading, even as stronger festive buying gave jewellers grounds for optimism before the wedding season. All India Bullion’s November 12 fix, recorded at 3 am IST, put 999-purity gold at ₹1,42,887 per 10 grams, down ₹2,313 from Wednesday. Silver fell ₹348 to ₹1,88,486 per kilogram.
The moves were unequal: gold lost 1.59%, while silver eased 0.18%. These are national reference readings, not a shop’s final bill in Bhopal or Lucknow; local premiums, taxes and making charges affect the amount paid.
Demand provides a counterweight. IBJA estimates reported on Thursday put Dhanteras-Diwali gold purchases 30% above last year by volume, with silver buying up 10%. Jewellers cited advance wedding purchases among the supports. Those figures describe the festive period, not today’s footfall.
Internationally, a firmer dollar and expectations of higher US interest rates kept gold under pressure. For the next session, sustained wedding orders could cushion domestic demand, but they cannot by themselves guarantee a price rebound. The rupee and overseas bullion remain important variables.
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