On the eve of Dhanteras 2025, ABP Live posted a striking headline: 24‑carat gold in Delhi was trading at ₹140,271 per 10 grams, while 22‑carat and 18‑carat bars fetched ₹129,227 and ₹105,732 respectively. The numbers came as India braced for a massive buying spree tied to the festive rush of Diwali and the traditional auspiciousness of Dhanteras, the gold‑buying holiday celebrated on October 18, 2025. Across the country, price quotes varied sharply – a reflection of regional demand, currency swings, and the global gold market’s recent jitter.
Why the Prices Are Spiking Now
Several forces collided to push the meter upward. First, the international spot price of gold breached the US$2,200 per ounce mark last week, translating into a rupee‑per‑gram rise of roughly 5 %. Second, the rupee‑dollar exchange rate settled at 83.20, slightly weaker than a month ago, adding pressure on imported bullion. Third, the seasonal surge in demand – families buying gifts, women purchasing jewelry for weddings, and investors hedging against inflation – traditionally adds a 7‑10 % premium in the weeks leading up to Diwali.
"We expect a continued upward drift as long as the festive buying sentiment stays strong," remarked Ravi Sharma, senior analyst at Motilal Oswal. "The key risk is a sudden rally in the US dollar, which could make gold even more expensive for Indian buyers."
City‑by‑City Snapshot
- Delhi: 24‑carat at ₹140,271/10 g; 22‑carat at ₹129,227/10 g; 18‑carat at ₹105,732/10 g (ABP Live).
- Mumbai: 22‑carat quoted at ₹119,500/10 g (Moneycontrol).
- Kolkata: Same 22‑carat level as Mumbai, confirming a west‑to‑east price parity.
- Chennai: Mirrors Kolkata’s rate, indicating a relatively uniform south‑India market.
Meanwhile, Indian Express reported a per‑gram figure of ₹13,278 for 24‑carat gold, which works out to ₹132,780 per 10 grams – a modest gap from ABP Live’s number, likely explained by differing dealer margins.
Silver Takes a Hit Too
Silver, often the cheaper sibling in the precious‑metal family, fell for the third straight day. A YouTube clip (ID: 5D6FF7phVKU) highlighted a ₹13,000 dip in the 10‑gram benchmark, pushing the price down to roughly ₹710 per gram. The slide mirrors gold’s volatility but on a smaller scale; investors seem to be shifting focus to the higher‑purity gold bars that promise better store‑of‑value credentials.
Investor Guidance Ahead of the Festival
Market pundits are urging caution. "Never walk into a jeweller without checking the hall‑mark," said Anjali Mehta, senior consultant at Jewellery Trade Association. "A legitimate hall‑mark confirms the purity – 22 K should read ‘22K’ and 24 K ‘999’. Anything else is a red flag."
She added that buyers should compare three quotes before sealing the deal, because regional price spreads can be as wide as ₹3,000 per 10 g for 22‑carat gold. The advice is especially pertinent given the confusion caused by multiple price feeds – ABP Live, Moneycontrol, Hindi Goodreturns, and YouTube influencers all publish slightly different numbers.
Key Facts
- Date of price capture: 18 Oct 2025.
- Highest quoted 24‑carat price: ₹140,271/10 g (Delhi, ABP Live).
- 24‑carat price per gram: ₹13,101 (Moneycontrol, Delhi).
- Silver 10‑gram price: down ₹13,000 from previous day.
- Primary drivers: global gold rally, rupee‑dollar weakening, Dhanteras demand surge.
What’s Next?
Analysts will watch the RBI’s monetary stance closely. If the central bank eases rates to curb inflation, the rupee could weaken further, fueling another price jump. Conversely, a surprise rate hike might temper the gold surge. The festive window closes on Diwali (Nov 1, 2025), after which demand typically eases and prices dip back to baseline levels.
For now, the market remains on edge – a blend of optimism over festive buying and caution about currency risk. Buyers who act fast, verify hall‑marks, and negotiate multiple quotes are likely to walk away satisfied.
Frequently Asked Questions
How will the rupee‑dollar exchange rate affect gold prices after Dhanteras?
A weaker rupee makes imported gold costlier, pushing domestic prices higher. If the RBI holds rates steady, the rupee may stay near 83‑84, keeping the upward pressure on gold. A sudden rate hike could stabilize or even lower prices by strengthening the rupee.
Which city currently offers the cheapest 22‑carat gold?
As of 18 Oct 2025, Mumbai, Kolkata and Chennai are quoting a uniform ₹119,500 per 10 grams for 22‑carat gold, according to Moneycontrol. Delhi’s rate is slightly higher at ₹129,227 per 10 grams.
What should first‑time buyers look for when purchasing gold during Dhanteras?
First‑timers should verify the hall‑mark (e.g., ‘22K’ or ‘999’) on every bar, compare at least three quotes from reputable dealers, and ask for a purchase receipt that lists the exact purity and weight. This guards against adulterated stock and hidden premiums.
Why did silver prices drop for the third consecutive day?
Silver’s dip is tied to a modest rally in the US dollar and a shift of investor appetite toward higher‑purity gold, which is seen as a better inflation hedge during peak festive demand.
Is buying gold a good hedge against inflation right now?
Historically, gold has preserved purchasing power when consumer price inflation spikes. With India’s CPI projected near 6 % for the next quarter, many analysts, including Ravi Sharma of Motilal Oswal, view gold as a prudent short‑term hedge, especially ahead of the Dhanteras buying season.