Dhanteras gold buying kicks off, record prices may dampen volumes by 15pc
Mumbai/New Delhi (PTI): Gold and silver buying on the auspicious occasion of Dhanteras kicked off on Saturday with jewellers expecting higher footfalls, though record high prices of the yellow metal could dampen demand by 15 per cent in volume terms compared with a year earlier.
Dhanteras, the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils, is being celebrated over two days until 1.45 pm on Sunday, with jewellers expecting more footfalls in both online and offline stores.
Gold prices have surged 65 per cent to Rs 1,34,800 per 10 grams of 24 karat, inclusive of all taxes, in the national capital, compared with Rs 81,400 on Dhanteras last year, which was celebrated on October 29, 2024.
Silver prices are currently at Rs 1,77,000 per kilogram.
"We are expecting the momentum to pick up after the muhurat time. Since the festival falls on a weekend we have geared up for a robust Dhanteras," All India Gem And Jewellery Domestic Council (GJC) Chairman Rajesh Rokde told PTI.
GJC expects gold sales to increase by 40-45 per cent in value terms on a year-on-year basis, he said.
Suvankar Sen, Managing Director and chief executive of Senco Gold and Diamonds, said high prices will affect sale volumes by 12-15 per cent, but in value terms there will be growth of 20-25 per cent on Dhanteras.
While some consumers are still buying gold jewellery even at high rates, many are shifting towards silver buying, especially bullion.
Saiyam Mehra, former chairman of GJC, said volume-wise, gold jewellery sales are expected to witness a decline of 10 per cent on Dhanteras.
He said silver prices surged due to scarcity of the white metal since last month because of a ban on imports of jewellery, though silver prices have now started seeing a correction.
Sachin Jain, regional CEO for India at the World Gold Council, said Dhanteras and Diwali are the top gold-buying occasions in India.
"Despite gold prices reaching multiple historic highs through 2025, witnessing an approximate 51.2 per cent year-to-date increase in rupee prices by end-September, consumer sentiment and demand for the yellow metal have been positive," he said.
Retailers, who had been cautious about their inventories in recent months, are now well-stocked and optimistic, with seasonal and wedding-related demand further fuelling purchases, suggesting a vibrant festive season for gold sales.
Consumer buying is expected to be strong across various gold purchases, from higher caratage gold jewellery to investment products like digital gold, coins and ETFs.
"This positive outlook is strongly supported by India registering positive gold ETF flows of USD 902 million in September, along with overall gold imports reaching a nine-month high in August 2025," Jain said, adding that gold demand is expected to continue through the Diwali period and until the end of the year due to the wedding season.
Kam Jewelry Managing Director Colin Shah said while demand dynamics are likely to remain consistent, consumer preferences are rapidly shifting toward lightweight jewellery.
"The festive season is expected to see a significant surge in demand for jewellery in the 9 to 18 carat segment. ... we foresee a festive surge of 18-20 per cent in overall sales," Shah said.
India is the world's second-largest gold consumer and one of the largest importers globally, after China.
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Allahabad HC orders FIR against Rahul Gandhi in dual citizenship case
Lucknow (PTI): The Lucknow bench of the Allahabad High Court on Friday ordered an FIR be filed against Congress MP Rahul Gandhi in connection with an alleged dual citizenship controversy.
The bench permitted the state government to hand over the probe to any central probe agency after registration of the FIR.
The order was passed by a bench of Justice Subhash Vidyarthi on a petition filed by S Vignesh Shishir, who had challenged a January 28 order of a special MP/MLA court rejecting his plea for an FIR against Gandhi, the leader of the Opposition in the Lok Sabha.
The special court had earlier held that it was not competent to adjudicate on issues related to citizenship.
The petitioner, a BJP worker from Karnataka, had sought registration of an FIR and a detailed probe into the matter, levelling allegations against Gandhi under provisions of the Bharatiya Nyaya Sanhita (BNS), the Official Secrets Act, the Foreigners Act and the Passport Act.
The complaint was initially filed before the special MP/MLA court in Rae Bareli. However, on the petitioner's request, the high court transferred the case to Lucknow on December 17, 2025.
The MP/MLA court in Lucknow subsequently dismissed the plea on January 28, 2026, prompting the petitioner to approach the high court, which has now ordered registration of an FIR.
In its order, the bench said that from a bare perusal of the allegations, prima facie cognizable offences were made out against Gandhi and hence the allegations required to be investigated.
The bench said that the special court should have looked into whether the allegations prima facie made out any cognizable offences or not, but it failed to consider it.
Earlier, Deputy Solicitor General of India SB Pandey produced the central government's records in the court relating to the citizenship controversy surrounding Gandhi.
Government counsel VK Singh also consented on behalf of the UP government that the allegations prima facie made out cognizable offences.
After having a detailed hearing, the bench found that the material on records showed that Gandhi had committed "cognizable offences" in having dual citizenship, and these allegations required to be probed.
The petitioner has alleged that Rahul is a UK Citizen and incorporated a company named M/S Backops Ltd in August 2003.
It was further submitted that Gandhi categorically admitted and voluntarily declared his nationality as British, having a Director Identification ID and London and Hampshire addresses.
In his petition, Shishir claimed that Rahul submitted the company's annual returns in October 2005 and October 2006, listing his nationality as British.
Thereafter, the company was dissolved through a dissolution application in February 2009.
According to the petitioner, the material placed before the court includes records suggesting that Rahul Gandhi may have been listed as a voter in the United Kingdom and participated in electoral processes there.
During the course of the hearing, the high court earlier directed the Ministry of Home Affairs to place all relevant records, including classified documents, before the court.
