Shoma Patnaik
Panaji
Gold and silver purchases picked up across Goa on Thursday as residents thronged jewellery showrooms on the occasion of Dhanteras, the festival preceding Diwali.
Considered an auspicious day for buying precious metals to bring good fortune to homes and businesses, the occasion saw steady footfall throughout the day, peaking in the evening.
Demand was bolstered by a rare price drop of approximately Rs 4,000 per 10 grams. In Goa, 24-carat gold was sold at Rs 1,45,650 per 10 grams on Thursday, down from Rs 1,49,000 recorded on November 5.
Local jewellers noted that this was the first time Dhanteras coincided with a price drop, providing a strong start to the festive and upcoming wedding season. Buyers primarily opted for gold bars, coins, and lightweight jewellery items such as rings, earrings, and pendants.
Goa Gold Dealers Association president Pramit Raikar said sales outperformed last year’s figures despite long-term price inflation, adding that buyers showed a strong preference for gold coins.
Aditya Nagvenkar, proprietor of Pushparaj Jewellers in Panaji, confirmed healthy demand across retail outlets, driven mostly by coin and lightweight ornament purchases.
To accommodate the post-office rush, several retail outlets extended their operational hours, with local showrooms remaining open until 9 pm.
Vikram Verlekar of Ulhas Jewellers in Margao said the sudden price reduction surprised consumers who had been awaiting market corrections, with maximum demand concentrated on gold coins weighing under 10 grams. He noted that while high prices led customers to budget consciously by opting for lighter pieces, overall festive buying sentiment remained strong.
Customers unable to afford precious metals turned to stainless steel utensils as traditional alternatives, drawing crowds to steel utility shops across the state.
Gold prices in Goa have risen significantly over recent years, moving from around Rs 74,050 per 10 grams for 24-carat gold in April 2024 to crossing the Rs 1,00,000 mark in 2025.
