Bhopal (Madhya Pradesh): With a 20% hike compared to last year, Madhya Pradesh recorded business worth Rs 4,500 crore and Bhopal recorded business worth Rs 1,000 crore on Dhanteras.
The reason behind this boom has been attributed to a drop in gold and silver rates and purchases for Dhanteras, Diwali, weddings and winter.
A sharp decline in silver prices, following a historic surge, has become a major cause for concern among bullion traders. In January 2026, the price of silver was approximately Rs 2.28 lakh per kilogram, climbing to a record high of Rs 3.84 lakh by Jan 29.
However, by November 6, the price fell to around Rs 1.87 lakh per kilogram, a decline of approximately 51.4% from its peak.
Dharmendra Sharma, district president of Confederation of All India Traders (CAIT), said, “ A large number of people made purchases on Dhanteras, which bolstered local trade and the broader economy. Jewellers who stocked silver will face loss due to 51% drop in price.”
Vinit Simhal, jewellers’ association general secretary, said, “Generally, jewellers do not stock gold and silver. So, the drop in rate of silver hardly matters.”
Bhopal Chamber of Commerce and Industries (BCCI) general secretary Ajay Devnani said, “The market recorded 20% hike in business due to reasons like the drop in the rate of gold and silver, purchases for Dhanteras, Diwali, winter and weddings.”
