New Delhi, October 18: This year’s Dhanteras festival saw a massive surge in consumer spending, with Indians splurging an estimated Rs 1 lakh crore, fueled by strong demand for gold and silver despite steep price hikes, according to a report from the Confederation of All India Traders (CAIT).

Of this total, Rs 60,000 crore was attributed to gold and silver sales, marking a notable 25% rise from last year. This surge occurred even as gold prices skyrocketed by 60% year-on-year, surpassing Rs 1,30,000 per 10 grams.

"The past two days have seen an unparalleled rush in jewellery markets," commented Pankaj Arora, National President of CAIT’s Jewellery Chapter and the All India Jewellers and Goldsmith Federation.