Metal Becomes Cheaper by ₹1.06 Lakh Per Kg as Diwali Buying Frenzy Grips Bullion Hubs

Delivering major financial relief to festive shoppers across India, silver rates have registered an extraordinary downward correction ahead of Diwali and Dhanteras, plummeting by over ₹1.06 lakh per kilogram from all-time highs recorded earlier this year. According to market trackers across the prominent brass and bullion trading hub of Moradabad in Uttar Pradesh, the industrial and precious metal had surged to an unprecedented high of ₹2,95,000 per kilogram on February 4, 2026. However, persistent market cooling pulled the rate down to ₹1,88,900 per kilogram by November 2, translating to a massive reduction of ₹1,06,100 per kg. This steep price drop has rekindled strong buyer interest, prompting an unexpected retail rush for silver coins, ritual items, and festive keepsakes after months of market hesitation.A Look at the Rollercoaster Trajectory: Tracking Silver's Unprecedented Year-Long VolatilityThe sharp retreat marks the culmination of an intensely volatile twelve-month cycle for the white metal across domestic spot markets. On November 2, 2025, wholesale silver stood at ₹1,53,300 per kilogram before embarking on a relentless bull run, escalating to ₹1,90,000 by mid-November and touching ₹2,38,000 in mid-December. The upward trajectory accelerated sharply into the new year, crossing ₹2,48,500 on January 6, 2026, before reaching its zenith of ₹2,95,000 on February 4. Subsequent market softening saw quotes recede to ₹2,58,500 by June, eventually stabilizing at the current ₹1,88,900 level. Bullion traders Sanjay Katta and jeweler Phool Kumar noted that this substantial discount from peak rates has revitalized the physical bullion market, encouraging festive shoppers to resume big-ticket purchases ahead of Dhanteras.Die-Cast Lakshmi-Ganesh Idols and Lightweight Coins Dominate Festive Shopping ListsWith consumers viewing current price levels as an opportune buying window, retail jewelers are reporting heavy demand for traditional Diwali worship artifacts and festive tokens. Market analysts note that one-gram, five-gram, and ten-gram silver coins are witnessing rapid sales, alongside compact silverware such as ritual bowls, puja thalis, and sacred Lakshmi-Ganesh figurines. Bullion expert Abhinav Bansal highlighted that middle-class households are leaning heavily toward lightweight products manufactured using advanced die-casting technology, which delivers detailed aesthetics, sturdy build quality, and lower making costs without exceeding household budgets. Because silver remains an accessible, premium gifting alternative compared to soaring gold rates, local jewelers project foot traffic and token coin sales to peak over the coming Dhanteras weekend.