Gold Rate in India: 24K Above Rs 1.3 Lakh For First Time In History! What’s Next On Dhanteras? 18 Oct Outlook

Gold Rate in India: The sharp surge in gold price in India over the past one week is showing no signs of slowing, as the precious metal hit another lifetime record high on Friday, October 17. Meanwhile, silver rate saw some decline. As a massive number of Indians will celebrate Dhanteras today, all eyes will be on gold price movement on Saturday, October 18.

The record-breaking gold price rally in India and across the world is the result of heightened investors concerns around US-China trade tensions and expectations of US-Fed rate cut. Festive season buying is also contributing in the domestic gold price rally.

Gold Rate in India

There was a sharp surge in the prices of gold a day before Dhanteras, ie on Friday. The price of 24 karat gold in India surged to Rs 1,33,770 per 10 gram. Likewise, the price of 22 karat gold rate in India jumped by Rs 3,000 per 10 gram to Rs 1,21,700 per 10 gram. Likewise, the price of 18 karat gold rate surged by Rs 2,500 per 10 gram to Rs 99,580 per 10 gram.

There has been nearly 65% surge in the prices of gold since the beginning of the year 2025 amid heightened geopolitical uncertainty and stock market volatility. Additionally, US Fed rate cut is likely to further fuel the rally.

Silver Rate in India

Silver price in India saw a minor consolidation on Friday. The prices of silver stood at Rs 18,500 per gram and at Rs 1,85,000 per kilogram. Gold and silver rate in India has surged to their record high mark over the past six months. Experts believed that the precious metals may see some price correction in the second half of the year, but prices rallied significantly since September.

Gold, Silver MCX

Gold futures with December expiry on the Multi Commodity Exchange (MCX) saw a sharp surge in prices. The yellow metal futures for the December expiry surged by Rs 2,442 to hit a life time high mark of Rs 1,32,294 per 10 grams. Meanwhile, silver futures with December expiry surged to a record high mark of Rs 1,70,415 per kilogram.

Gold, Silver Price Outlook

The price of gold has surged significantly since the beginning of the year. The record breaking rally has convinced investors that the precious metal may touch fresh record highs in the next 3-4 months. Hence, most of them are shifting their investment to gold.
According to Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures, the rise can largely be attributed to festival season demand and global risk factors converging with local buying interest.

"Since Diwali is just around the corner, several retail and jewellery buyers are stepping up purchases, making the demand side stronger. From an investment perspective, gold remains attractive as a long-term value store, particularly for equity and currency risk diversification seekers. The recent momentum confirms that the rates have shifted upwards, and the market appears ready to support higher levels in the near term," noted Kamboj.

For those who are planning to invest ahead of Diwali, silver is both affordable and offers the potential for price appreciation in the current market environment," Kamboj added.