The gleaming charm of Dhanteras seemed a little dimmer in Chandigarh this year, as local markets buzzed with activity but buyers paused at jewellery counters, feeling the pinch of skyrocketing gold prices. With a likely 30-35% increase in gold and silver rates compared to last year, the festive frenzy saw fewer wallets opening wide, casting a shadow over the sales that jewellers hoped for. However, automobile dealers seemed to experience a good sale.

As of Tuesday, jewellers reported that 22-karat gold was priced close to INR 76,000 per 10 grams, while 24-karat gold crossed around INR 81,000, reaching nearly INR 82,000 per 10 grams. Comparatively, last year’s Dhanteras gold prices ranged between INR 61,000 to INR 62,000, a significant difference that has left buyers wondering if their budgets could stretch that far. Silver saw a similar hike, soaring to INR 1,02,000 per kg, marking a sharp jump from INR 75,000 last year. This year’s rates are a far cry from 2022’s, where 22-karat gold was INR 47,300 per 10 grams, 24-karat was INR 51,000, and silver cost around INR 63,000 per kg.

Vinod Talwar, President of the Jewellers’ Association, Chandigarh, reflected on the drop, saying, “Sales are down by at least 30% compared to last year, of course due to price high. Many customers were cautious, which makes sense given the steep hike in prices. Last Dhanteras, we hit pre-Covid levels—some of us even exceeded them. But this time, the prices are holding people back.”

This Dhanteras, gold and silvers coins shone brightly as the top pick, while shimmering chains, bangles, and biscuits also tempted some determined shoppers.

Auto sales spark cheer

The scene was quite different at auto showrooms, where business was in high gear. According to the Federation of Automobile Dealers Associations (FADA), local dealerships reported a strong demand, with over 1,000 car deliveries across the Tricity area in just two days. According to dealers, all the major manufacturers such as Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, Toyota and Kia have impressive bookings.

“We’ve seen around 40% growth in sales this festive season,” said Sameer Thakur, CEO of Berkley Tata. “Across the Tricity, TATA is looking at 875 vehicles sold throughout the month, and Dhanteras alone should contribute 145 deliveries. Overall, based on discussions with dealers here, we anticipate over 1,100 vehicles sold in just two days, with SUVs making up the largest share, followed by compact cars and sedans.” he added. “This festive season has helped us recover from the slow period we experienced from May to August,” he said. “During that time, the tricity’s average was around 2,850 passenger vehicles, but now we’re seeing numbers well over 5,000 this month alone.”

Dealers report that EV sales make up 3% to 4% of total sales, with diesel dominating high-end SUVs and petrol preferred for smaller SUVs.