In Mississauga's Malton neighborhood, gold prices have dropped to $4,070 US per ounce, attracting shoppers during the Diwali festival. The dip follows a record high of $5,589 US per ounce in January, with current prices still more than double what they were in 2024. Rahul Kumar, owner of Ashok Jewellers, noted a surge in customers buying gold and silver, especially on Dhanteras, the first day of Diwali.
Jake Dheer and his wife were among those shopping for gold jewelry for their newborn grandson. While the spiritual significance of the purchase was paramount, they welcomed the lower prices amid rising costs of other festival essentials. Khamar Sarajudin also took advantage of the price drop, monitoring fluctuations before buying a birthday gift for his daughter.
Kumar expects business to remain strong on Diwali day, despite financial struggles among many shoppers. He reported that sales were comparable to the previous year, with customers purchasing gold bars, jewelry, and silver. The festival's tradition of exchanging precious gifts has driven demand, even as overall expenses for celebrations have increased.