Gold sales decline 35% YoY, silver down 10% in November 2025 as prices surge to record levels

Gold and silver sales down

Even though India’s wedding season is in full swing, gold sales have dropped sharply by 35 percent and silver by 10 percent year-on-year (YoY) in November 2025, according to the India Bullion & Jewellers Association (IBJA).

This comes even as silver prices on MCX hit fresh peaks today (December 11) at Rs 1,93,975 per kilogram, continuing their strong upward run. Gold prices, on the other hand, peaked to a record level at Rs 1,32,294 per 10 grams in October during the festive season.

IBJA national secretary Surendra Mehta attributed the decline in precious metal sales to “higher prices.” Typically, there would be 100 percent sales growth in gold during this time of the year, driven by weddings, Christmas, and the New Year cheer.

The price of gold stood at $4,215 per ounce at the spot market. The domestic futures price was recorded at Rs 1,30,798 per kilogram on December 11 (2:55 pm). That’s almost a 44.06 percent jump as compared to its price a year ago at Rs 78,400.

The Augmont report suggests that gold and silver are trading strongly due to safe-haven demand despite the Federal Reserve's lending rate cut by 25 basis points on December 10, which was widely anticipated.

Precious metal analysts say that traders typically choose to buy or invest in assets like gold and silver when interest rates are cut, as the value of cash stored in a bank or the return on a short-term bond falls.

Meanwhile, the rupee stands at 90.434 against the US dollar, which is a 0.73 percent jump in a day.

“A softer US dollar, combined with lower interest rates, supports gold and silver by reducing the opportunity cost of holding non-yielding assets,” said Ross Maxwell, Global Strategy Operations Lead, VT Markets.

The silver price has jumped 8.64 percent in a week, trading above $62-mark per ounce at the spot market. Its domestic futures price stood at Rs 1,93,975 per kilogram on December 11 (3:46 p.m). That’s almost a 100.18 percent jump as compared to its price a year ago at Rs 96,900.

What makes this more striking is that investors reportedly offloaded an estimated 100 tonnes of silver in just one week to book profits amid the recent price surge to fund their wedding purchase and travel plans. The market was struggling with a shortage of the white metal barely a month ago during the festive season.

The Augmont Bullion report published on December 12, noted that traders could sell silver below $62 (Rs 1,92,000) for the target of $60.50 (Rs 1,88,000). If gold sustains below $4,200 (Rs 1,29,000), the market will likely see more sell off upto $4,100 (Rs 1,24,500).