Gold rush chokes traffic in Hyderabad’s Panjagutta on November 6; not enough sales say jewellers

Friday (November 6, 2026) afternoon traffic was gridlocked in Panjagutta on the street that has been a jewellery shopping hub in Hyderabad. As the city celebrated Dhanteras, considered auspicious for purchase of gold and jewellery, the normally free flowing traffic in the afternoon turned chaotic. “We are manning this area since 11 a.m. as there are more vehicles coming in and people are parking or slowing down without bothering about the impact on the traffic,” said a traffic policeman attached to Panjagutta Police Station.

Gold prices drop over past one month

Gold prices have seen a big drop over the past one month with a tola of 24 carat gold costing ₹1,43,460 down from a high of ₹ 1,75,231 on January 29, 2026. It had reached a low of ₹1,33,880 on November 1 but still higher than the price of ₹1,20,020 November 2025.

Meanwhile, the Confederation of All India Traders issued a statement that the Dhanteras festival purchases are expected to generate over ₹1 lakh crore in business across the country.

What added to the chaos on road?

The impact of the gridlock led to backup that had a cascading effect right up to Srinagar Colony. Adding to the chaos was the ongoing work for the flyover towards KBR Park. “Due to barricades placed between Almond House and Sagar Society, coupled with heavy traffic flow, vehicular movement is slow from SNT Junction towards Sagar Society. Commuters are requested to proceed with caution and cooperate with traffic,” Hyderabad Traffic Police posted on social media at 3.54 p.m on Friiday (November 6, 2026).

But elsewhere it was gloom. “The sales are just about okay. We are not happy about the sales at this time of the day. I don’t know about the rush elsewhere but here people are not buying. The sale doesn’t even match the last year’s figures,” said Parasmal Ranka, president of Telangana Pawn Brokers & Jewellers Association who has his shop in the Ghasmandi area of Secunderabad.