Gold prices retreated from record highs on Saturday, dropping Rs 2,400 to Rs 1,32,400 per 10 grams in the national capital, even as consumers thronged jewellery stores across India to mark Dhanteras. On Friday, 24-carat gold of 99.9 per cent purity had surged by Rs 3,200 to an all-time high of Rs 1,34,800 per 10 grams. In the local bullion market, gold of 99.5 per cent purity also fell by Rs 2,400 to Rs 1,31,800 per 10 grams, down from Rs 1,34,200.Silver prices extended their losses, tumbling Rs 7,000 to Rs 1,70,000 per kilogram on Saturday, after hitting Rs 1,77,000 on Friday. Despite the price jump, a 62.65 per cent year-on-year increase for gold and 70.51 per cent for silver compared to last Dhanteras, demand remained robust, reflecting strong festive sentimentTraders attributed the correction to weak global cues and profit-booking following a steep rally. “The festive fervour of Dhanteras upheld its sheen with a robust turnaround by consumers to invest in the yellow metal. Irrespective of the sky-high price of gold, favourable economic conditions and the GST reforms, there has been a tremendous response,” Colin Shah, managing director of Kama Jewelry, said, as per news agency PTI. He added that lighter jewellery, especially for younger buyers, saw significant traction, while bullion purchases remained strong.The Confederation of All India Traders (CAIT) said gold and silver sales alone accounted for Rs 60,000 crore, a 25 per cent rise from last year, with Delhi’s bullion markets recording over Rs 10,000 crore in sales. Pankaj Arora, CAIT’s jewellery chapter national president, called the past two days “an unprecedented rush in jewellery markets”.Inderbir Singh Jolly, CEO of PL Wealth Management, noted that gold continues to benefit from multiple factors such as a weaker dollar, expected US Federal Reserve rate cuts, and central bank accumulation. “India’s investment share of gold demand is rising, with buyers gravitating toward coins and bars over expensive jewellery as fabrication costs bite,” he said.Internationally, spot gold hit a lifetime high of $4,379.44 per ounce on Friday before slipping 1.76 per cent to $4,249.98 per ounce, while spot silver declined 4.36 per cent to $51.90 per ounce after reaching $54.49 earlier in the session. N S Ramaswamy, head of commodities & CRM, Ventura, said consumers are increasingly choosing design-rich ornaments and lightweight gold coins amid record prices, with festive sales value rising 12-18 per cent despite lower quantities.