Gold prices came under pressure on Dhanteras 2026, with MCX gold futures declining as subdued spot-market demand weighed on precious metal trading. The fall came even as buyers continued to track gold and silver prices during the festive season, when purchasing precious metals is considered auspicious.
On Friday, December-delivery gold futures on the Multi Commodity Exchange (MCX) dropped by ₹2,178, or 1.51%, to ₹1,41,917 per 10 grams. The contracts recorded a business turnover of 2,152 lots. In overseas trading, gold futures also declined 0.94% to $4,049.43 per ounce in New York.
Despite the correction, market experts remain watchful of gold's medium-term prospects. Navneet Damani, Head of Research for Commodities at Motilal Oswal Financial Services, identified ₹1.35 lakh per 10 grams as a potential accumulation zone, assuming a rupee-dollar exchange rate of 96. He outlined a short-term target of ₹1.48 lakh and a medium-term target of ₹1.60 lakh–₹1.68 lakh.
According to MOFSL's latest quarterly report, international gold prices could reach $4,500–$4,700 per ounce over the medium term. However, market movements remain sensitive to US interest-rate expectations, inflation, bond yields and geopolitical developments.
Experts also noted that gold continues to attract investors as a defensive asset during periods of global uncertainty. Silver may offer greater upside potential, but its price movements are generally more volatile.
For Dhanteras buyers, the choice between physical gold and Gold ETFs depends on whether the purchase is intended for personal use or investment exposure. Both options carry different considerations, including storage, purity and making charges.
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