This Dhanteras, Gold Loses Its Glitter as Turmeric Steals the Spotlight With Record Highs and Nearly 89% Annual Gains
This Dhanteras, everyone’s eyes were on gold, but the real golden story emerged from India’s fields. While gold has retreated around 30% from its peak, turmeric has delivered nearly 89% annual gains, surging 27% in October alone and touching a record Rs 28,392 per quintal.
Often called the “gold of agricultural commodities,” turmeric initially faced comfortable supply expectations. Government estimates showed acreage rising 5.8% to 3.29 lakh hectares, while January–October mandi arrivals increased 119.2% to 4.68 lakh tonnes.
However, El Niño and rainfall concerns redirected attention towards yields. Higher acreage cannot guarantee stronger output if moisture stress reduces productivity. Arrivals also moderated after April’s 102,580 tonnes, reaching 16,541 tonnes in October, keeping immediate availability in focus.
Demand remains crucial: January–August exports declined 4.9% to 113,721 tonnes. Festive consumption, overseas restocking and purchases ahead of Ramadan could support prices, although fresh orders must confirm that recovery.
The outlook remains cautiously bullish towards rs 29,850–30,000, with rs 34,850 possible only on sustained strength above Rs 30,000. Yield developments and physical buying will determine whether turmeric’s golden run continues; traders should remain alert to sharp profit-taking.
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