Ganesh Chaturthi marks the beginning of India's crucial festive season, a period when gold buying traditionally picks up as households purchase jewellery, coins and bullion for celebrations, gifting and weddings.
This year, however, buyers are entering the season at significantly higher price levels, with gold prices around 45–50% above where they stood during Ganesh Chaturthi last year. That raises a key question for consumers and investors: should you buy gold now or wait for a correction?
In today's deals, MCX gold October futures were 0.09% down at ₹1,53,618 per 10 grams.
Experts expect demand to remain resilient despite elevated gold prices, although buying patterns could change. Consumers may increasingly opt for smaller purchases, lightweight jewellery and coins rather than large-ticket acquisitions.
Kaushlendra Sinha, CEO of the Indian Association for Gold Excellence and Standards (IAGES), expects the festive season to provide an important boost to gold demand. He said Ganesh Chaturthi sets the tone for festival-led purchases, with consumers likely to remain interested despite the steep year-on-year increase in prices.