Digital gold sales jump 62% in October as Dhanteras boosts demand
Digital gold buying through UPI shot up by 62% in October, reaching ₹2,290 crore—up from ₹1,410 crore in September.
This spike came as people flocked to buy gold for Dhanteras on October 18, with transactions hitting 116 million.
The digital trend has been growing all year, starting at just ₹762 crore back in January.
Why does this matter?
Gold prices hit a record ₹1,29,580 per 10gm this October—up a huge 66% from last year—making it a hot investment during market ups and downs.
Young investors are turning to apps for easy, bite-sized gold purchases (as little as ₹1), especially with the rupee weakening and jewelry getting pricier.
Gold ETFs also saw record inflows and new accounts as more people looked for safe bets.
What's behind the surge?
A weaker rupee made gold more appealing, while digital platforms made investing super accessible—even if you're just starting out or want to invest small amounts.
High prices led to less jewelry shopping but didn't slow down overall demand; instead, imports hit a 10-month high and over six lakh new ETF accounts were opened in September alone.