Key Points
- 24-carat gold surged to ₹1,29,584 per 10 grams on October 17, 2025, marking a 64% increase from Dhanteras 2024
- Silver prices jumped 73% year-on-year, reaching ₹1.69 lakh per kilogram
- Gold ETF investments skyrocketed 578% to ₹8,363 crore in September 2025
- International gold prices witnessed 48 new record highs this year, the largest annual gain in 45 years
- Axis Securities predicts gold could reach ₹1.5 lakh per 10 grams by Diwali 2026, a potential 30% rise
- India’s gold imports hit a 10-month peak at 100-104 tonnes in September 2025
New Delhi: Gold’s remarkable upward trajectory continued during the Dhanteras and Diwali festival period, with prices reaching unprecedented levels. According to the Indian Bullion Jewellers Association, 24-carat gold increased by ₹2,337 to ₹1,29,584 per 10 grams on Friday, October 17, 2025. Jewellery-grade gold rose by ₹2,328 to ₹1,29,065, while silver witnessed a substantial jump of ₹1,147 to ₹1.69 lakh per kilogram.
The year-on-year comparison reveals staggering returns for precious metal investors. Gold prices climbed from ₹78,846 during Dhanteras 2024 to ₹1.29 lakh in 2025, delivering an impressive 64% return. Silver outperformed even gold, surging from ₹97,873 per kilogram to ₹1.69 lakh, representing a nearly 73% increase over the same period.
Gold and Silver Price Trajectory: Dhanteras to Dhanteras
| Date | Gold (24 carat) ₹/10 gram | Gold Return | Silver ₹/kg | Silver Return |
|---|---|---|---|---|
| October 17, 2025 | 1,29,584 | 64.35% | 1,69,230 | 72.90% |
| October 29, 2024 | 78,846 | 29.06% | 97,873 | 38.99% |
| November 10, 2023 | 61,090 | 20.73% | 70,416 | 26.75% |
| October 22, 2022 | 50,600 | 5.62% | 55,555 | 13.47% |
| November 2, 2021 | 47,904 | -5.60% | 64,208 | 2.40% |
Source: Indian Bullion Jewellers Association (IBJA)
Expert Predictions Point to Further Growth
The bullion market shows no signs of cooling down, with analysts projecting continued upward momentum. Axis Securities released its ‘Dhanteras 2025’ report on Friday, forecasting that gold prices could reach ₹1.5 lakh per 10 grams by Diwali 2026. This projection suggests an additional 30% appreciation over the next year.
Several fundamental factors support this optimistic outlook. Market experts cite anticipated interest rate cuts by the US Federal Reserve, sustained gold purchases by central banks worldwide, ongoing geopolitical uncertainties, and a weakening US dollar as primary drivers. These macroeconomic conditions create a favorable environment for gold’s continued ascent.
Investment Demand Reaches New Heights
The surge in gold prices has paradoxically triggered increased investment activity. ICRA Analytics reported that investments in gold Exchange Traded Funds exploded by 578% to ₹8,363 crore in September 2025, compared to ₹1,233 crore in September 2024. Investors are attracted to gold ETFs due to their convenient storage solutions, ease of trading, and elimination of physical security concerns.
Global Market Sets 45-Year Record
Gold’s performance in the international market has been nothing short of extraordinary. World Gold Council data reveals that gold hit 48 new record highs throughout 2025, with prices climbing from $3,500 to $4,000 per ounce in just 36 days—a pace rarely witnessed in precious metal markets. The annual increase of 58% marks the largest gain in 45 years.
Currently, international gold prices have crossed $4,300 per ounce, representing an 8% increase within the past week alone. On the Multi Commodity Exchange of India, prices have stabilized around ₹1.30-1.32 lakh per 10 grams.
Sustained Demand Despite Premium Pricing
Despite reaching record highs, gold demand remains robust, particularly for investment products and wedding jewelry. India’s wedding season, which commenced in October-November 2025 and extends through February-March 2026, continues to fuel substantial demand. This traditional period accounts for a significant portion of annual gold consumption in the country.
Market analysts suggest that potential GST reductions on gold purchases and relatively low inflation rates could further enhance consumer purchasing power, providing additional support for prices. The festive buying sentiment remains strong as consumers view gold not merely as jewelry but as a store of value and hedge against economic uncertainty.
Import Surge to Meet Domestic Appetite
To satisfy the surge in domestic demand, India’s gold imports reached a 10-month high in September 2025. Industry estimates indicate that 100-104 tonnes of gold were imported during the month, a significant increase from just 65 tonnes in August 2025. This substantial uptick underscores the persistent appetite for gold among Indian consumers and investors.
The combination of festival demand, wedding season requirements, and investment interest has created a perfect storm driving both prices and import volumes to exceptional levels. As India remains one of the world’s largest gold consumers, this sustained demand pattern significantly influences global market dynamics.
