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With Diwali approaching, the spotlight is once again shifting towards precious metals, given their deep-rooted association with the festival of lights. Gold and silver traditionally witness strong demand during the festive season in India, as both metals are considered symbols of wealth, prosperity and good fortune.
Buying gold and silver on Dhanteras, which falls on November 6, is also considered auspicious in Indian tradition. The festive period also coincides with the wedding season, when many Indian families purchase gold for gifting. These factors make gold and silver popular choices for both purchases and investments during this time of the year.
Diwali also holds significance for the Indian stock market as it marks the transition from one Samvat year to another. The festival signals the end of Samvat 2082 and the beginning of Samvat 2083, ushering in a new Hindu accounting year and a fresh chapter for investors.
However, the performance of precious metals during Samvat 2082 has been far from impressive so far. With the current Samvat year nearing its end, gold and silver have faced considerable pressure, making their performance during this period a key point of focus for investors as the market prepares to enter Samvat 2083.
Gold price performance in Samvat 2082
Gold prices have declined 9.36 per cent since the beginning of Samvat 2082. Gold opened at USD 4,355.55 on October 21, 2025, and closed at USD 3,947.67 as of November 2, 2026.
During this period, the yellow metal touched a record high of USD 5,595.46 on January 29, 2026. However, it subsequently witnessed a decline, with prices falling to their lowest level of Samvat 2082 at USD 3,870.17 (marking its lowest in over 1-year) on October 30, 2026, highlighting the sharp volatility witnessed during the period.
With gold currently trading below its opening level for Samvat 2082, the precious metal is set to enter the next Samvat year after registering a decline during the ongoing period.
Silver price performance in Samvat 2082
Silver has also registered a decline during Samvat 2082, although the fall has been relatively smaller than that of gold. The white metal opened at USD 52.4917 on October 21, 2025, and closed at USD 50.6342 as of November 2, 2026, marking a decline of 3.54 per cent.
Silver touched its record high of USD 121.67 on January 29, 2026. Since then, the metal has witnessed a sharp correction, with prices touching their lowest level of Samvat 2082 at USD 45.54 on October 28, 2026.
Despite recovering from its Samvat 2082 low, silver continues to trade below its opening level for the period, reflecting a decline of 3.54 per cent so far.
Readers should note that the figures in this article have been calculated using closing prices as of November 2, 2026. Samvat 2082 will officially conclude on November 8, 2026. Therefore, these numbers do not represent the final performance of gold and silver for the Samvat year.
| Gold | Silver | |
| Opening Price | 4,355.55 | 52.4917 |
| Closing Price | 3,947.67 | 50.6342 |
| Record High (Which hit during Samvat 2082) | 5,595.46 | 121.67 |
| Samvat Low | 3,870.17 | 45.54 |
| Performance | -9.36% | -3.54% |
What led to the poor performance of precious metals during Samvat 2082?
The poor performance of gold and silver prices during Samvat 2082 was not driven by a single factor. Instead, a combination of factors weakened the bullish momentum in the precious metals market during the Samvat year, resulting in their unimpressive performance.
- Higher US real yields: Long-term Treasury yields rose faster than inflation expectations, pushing real yields higher. Since gold does not pay interest, higher real yields increase the opportunity cost of holding the precious metal.
- Fed's higher-for-longer expectations: Strong US GDP growth, accelerating September inflation and higher oil prices led markets to price in further Federal Reserve rate hikes or expectations of interest rates remaining restrictive for longer. Traders were pricing in roughly a 78-84 per cent probability of a December rate hike in late October.
- Stronger US dollar: The dollar rallied as a safe-haven asset during the Iran war, making dollar-denominated gold more expensive for buyers using other currencies and weighing on demand.
- Oil-driven inflation: Renewed conflict in the Middle East lifted crude oil prices, reviving inflation concerns. While this would normally support gold as an inflation hedge, it also reinforced expectations of tighter monetary policy, which weighed on the precious metal.
- ETF outflows and weaker investment demand: Physically backed gold ETFs witnessed net outflows of 45 tonnes in Q2 2026, while investment demand for bars and coins also cooled. ETF flows consequently emerged as a key marginal driver of gold prices.
Is it the right time to buy gold and silver?
Gold prices remain under pressure amid concerns over inflation, crude oil movements and geopolitical developments in the Middle East. However, experts believe the downside could be limited, with a recovery possible in the near term and the longer-term outlook remaining positive.
Anuj Gupta, Market Expert, told ET Now that ongoing negotiations between the US and Iran could support a recovery in gold and silver prices. He expects international gold prices to move towards USD 3,980.
Chirag Seth, Global Business Head at Public Gold Bullion (SG) Pte Ltd, believes gold could decline by another USD 100-200 at most if selling pressure persists.
"If you actually look at over the long term, the structure still remains positive," he said.
Seth also highlighted emerging buying interest in gold ETFs and physical markets, alongside support from expectations surrounding US Federal Reserve policy.
In the domestic market side, "Investors are advised to begin accumulating gold in a staggered, systematic manner at these lower valuations. We maintain a long-term bullish outlook with a price target of Rs 1,65,000 to Rs 1,80,000 levels by next Dhanteras," Deveya Gaglani, Senior Research Analyst, Commodities, Axis Direct.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
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