This Diwali, India’s relationship with gold revealed something deeper than economics. Dhanteras on October 18 and the festival of lights, celebrated on October 20, became a mirror for the country’s enduring trust in the one asset generations have revered, adorned, and quietly depended on. This year, that trust took a more pragmatic form. The surge in gold prices did not dim its allure; it only changed the way Indians bought it.

Markets across Delhi, Mumbai, and other cities were bustling through Dhanteras and Diwali, as shoppers braved long queues and crowded stores to mark the auspicious occasion. Jewellery shops reported a clear shift: lighter ornaments and small gold coins flew off the shelves, while investment-focused purchases dominated. The festival atmosphere blended celebration with cautious financial calculation, reflecting the evolving mindset of modern Indian buyers. Many households moved their gold purchases from vanity to........

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