Gold Prices Plummet Ahead of Diwali Festival

• Gold prices have fallen by over ₹38,600 from their record high.
• On the MCX, gold prices rose from Rs 50,986 per 10 gm in November 2020 to about Rs 1,45,800 now.
• Gold prices have fallen in only one of the seven Diwali-to-Diwali periods, down 6.7% in 2021.
• Historically, gold prices have increased by 66.5% in the best run, last year.
• Jewelry makers typically increase purchases when prices rise to lock in supplies before they become more expensive.