Panaji: A significant correction in international bullion prices brought back the sparkle on Dhanteras, encouraging hesitant customers to invest in gold on Saturday. Jewellers in the state, who had expected a subdued Diwali, were pleasantly surprised by the strong buying interest.

The higher-than-expected footfall was driven by the sharp drop in gold prices on Friday on the Multi Commodity Exchange (MCX).After weeks of rising valuations, both gold and silver prices saw a steep correction. The price of 24-carat gold, which had recently touched a record high of Rs 1,32,294 per 10 grams, fell by around 3% to Rs 1,25,957 per 10 grams. Silver witnessed an even steeper decline of over 8%, slipping from Rs 1,70,415 per kg to Rs 1,53,929 per kg.Despite gold prices remaining well above the ₹1 lakh mark, several jewellery stores reported that their stocks of gold coins and bullion bars were sold out by noon. Many jewellers kept their stores open beyond regular hours to serve the rush of customers.“For so long, gold was on the higher side due to the various wars. Last night, we saw prices come down slightly, which brought a smile to people’s faces. People had started buying gold 15 days ago, but the demand wasn’t there. There were very few walk-ins, but now, with the price correction, it feels like Diwali,” said Vikram Verlekar, managing director, Ulhas Jewellers.The five-day Diwali festivities begin with Dhanteras, a Hindu festival considered auspicious for purchasing gold and silver. While gold remains a traditional hedge against inflation, it also carries deep sentimental value for Goans across communities. Buying 22-carat and 18-carat gold for weddings and anniversaries is a time-honoured ritual, jewellers said. Even Christian and Muslim customers joined in the Dhanteras spirit, purchasing gold bullion.Jewellers opened their stores early and kept them open past 9.30pm to cater to customers, said Pramit Raiker, president, Goa Gold Dealers Association.“Today’s response is good. Even though prices are much higher than last year, people are buying because there has been a Rs 30,000 correction in 100g gold. Most of the demand today is for coins and bullion,” said Raiker.However, with gold recently touching Rs 1.33 lakh, the yellow metal has lost some of its shine for many locals. Buyers opted for smaller gold coins of 10g, 20g, or 50g.“Gold has gone beyond the purchase reach of the common people,” said Verlekar. “The quantity of purchases has reduced, so, for example, if someone was buying 100g earlier, it’s reduced to 60g this time.”From offering free gold or silver coins on purchases above a certain amount to discounts on making charges, jewellers rolled out offers to attract customers held back by high prices.