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It is that time of the year when light fills the spirit and the markets across the length and breadth of the country. The Diwali season doesn't begin with the 'festival of lights' alone, but spans weeks, starting with Navratri -- nine days of festivities deemed auspicious in Hindu tradition, with Dussehra marking the 10th day -- and then festivals like Dhanteras.

This time around, Dhanteras falls on Saturday, October 18. As a pre-Diwali festival typically characterised by a rush of crowds in local markets -- across cities, towns, and villages, Dhanteras offers a unique challenge in 2025. Gold and silver rates have scaled a series of records, and counting, taking their year-to-date (YTD) returns to 65 per cent and 90 per cent, respectively.

Will that discourage the humble Indian consumer from making their precious purchases this Dhanteras?

For the unversed, gold and silver are not the only sought-after items on Dhanteras. In fact, the bulk of volumes are recorded in categories like kitchenware -- metal utensils in particular -- and common household items like brooms.

People also flock to specific spices like coriander seeds while avoiding products like sharp objects -- especially scissors and knives, black clothes, and mustard oil, said a homemaker in Bihar's Arrah district.

According to estimates by traders' body CAIT and its jewellery wing, AIJGF, gold and silver purchases on the day of Dhanteras are expected to go beyond Rs 50,000 crore. Those levels mark a significant jump from actual sales estimated at Rs 21,000-22,000 crore and Rs 2,500 crore in gold and silver in 2024.

This year's Dhanteras-related demand has risen in gold and silver coins, with a marginal decline in yellow metal jewellery, according to the findings of a joint survey by CAIT and AIJGF conducted across major bullion markets.

Markets across the country are witnessing tremendous enthusiasm among consumers, with a steady stream of customers thronging marketplaces every day, according to traders.

"Due to record-high prices of gold and silver, middle- and upper-class buyers are increasingly viewing solid coins as a preferred investment option, while the inclination toward heavy jewellery has reduced," according to Member of Parliament (Chandni Chowk) Praveen Khandelwal, who is Secretary General of CAIT, and AIJGF National President Pankaj Arora.

Besides, wedding-season customers are showing greater preference for lightweight ornaments, they said.

Gold and silver rates have surpassed Rs 1.3 lakh per 10 grams and Rs 1.7 lakh per kg levels this year, in stark contrast with Rs 80,000 per 10 grams and Rs 98,000 per kg last year.

The steep rates have reportedly attracted a large number of investors to bullion markets this year.

Bullion and coin purchases are expected to dominate festive buying between Dhanteras and Diwali this year, said Khandelwal.

Assuming that each of the country's five lakh jewellers sells 50 grams of gold and two kilograms of silver, the total sales are poised to reach about 25 and 1,000 metric tonnes of the yellow and white metals, amounting to approximately Rs 32,500 crore and Rs 18,000 crore, respectively, explained Arora.