On 25 September, October gold futures on MCX traded near ₹1,50,983 and December silver futures near ₹2,33,450 per kg. In late August, silver was trading around ₹2.45 lakh per kg on MCX, so both metals have cooled from their August levels.
Why prices have moved
Gold has had an exceptional run. International gold rose about 67% during 2025, its biggest annual gain since 1979, and kept setting records in early 2026. Safe-haven demand, geopolitical tension and policy uncertainty were the main drivers. Domestic prices follow the global price, the rupee and import duty, so a weaker rupee can keep Indian prices high even when global gold dips. That is why our USD-INR post is worth reading alongside this one.
What to watch before Diwali
- Festival demand. Sharad Navratri runs 11 to 20 October, Dussehra falls on 20 October, Karva Chauth on 29 October, and Diwali follows in early November. Jewellery demand usually rises in this stretch.
- The rupee. Moves in USD-INR change the landed cost of gold.
- Global factors. Dollar strength, interest-rate expectations and geopolitical news can all swing prices within a day.
Tips for buyers
- Compare the 22K and 24K rate, then ask your jeweller for making charges separately.
- Check for BIS hallmarking before you pay.
- If you are buying for investment rather than jewellery, compare gold ETFs and sovereign-style options with physical gold, since making charges do not apply to them.
- Do not try to time the exact bottom. Buying in stages reduces the risk of a single bad entry.
FAQ
Why do gold rates differ between cities? Local taxes, transport costs and jeweller margins vary.
Which is purer, 24K or 22K? 24K is almost pure gold. 22K is mixed with other metals, which makes it durable enough for jewellery.
Will gold fall before Diwali? Nobody can say. Festival demand supports prices, but global moves can override it.
Rates are indicative and change through the day. This is general information, not investment advice.
Sources: Angel One daily rate reports, Bajaj Broking, Metalsmine market update.
