On Dhanteras 2025India, 24‑carat gold vaulted to a record high of ₹1,32,953 per 10 grams in Delhi, up ₹3,350 from the day before. The surge, driven by festive buying and supply jitters, sent the entire market into a frenzy before a modest pull‑back the next day.
Why the Spike Felt Inevitable
Leading up to the festival, Jateen Trivedi, a market analyst, warned that the combination of low global inventories and heightened consumer zeal would push prices higher. "Buying on dips" was his mantra, yet even his caution could not fully anticipate the raw demand on Dhanteras.
Adding to the pressure, a spokesperson from Tanishq hinted at tight stock levels, saying, "Won't be surprised if we run out" of gold inventory ahead of the celebration. That comment rippled through traders, who scrambled to lock in rates before the anticipated shortage.
Numbers That Tell the Story
- 24‑carat (999) gold: ₹1,32,953 per 10 g in Delhi on Oct 17, 2025.
- 22‑carat gold: ₹1,21,883 per 10 g on the same day.
- Peak per‑gram rates reported by India Bullion and Jewellers Association Ltd. (IBJA): ₹12,958 for fine gold, ₹12,647 for 22 KT.
- Correction on Oct 18: 24‑carat fell to ₹1,30,370 per 10 g; 22‑carat to ₹1,19,500.
- Monthly rise: 9.75 % for 24 K and 9.74 % for 22 K in October.
Data compiled by GoodReturns confirms the rapid climb from October 11‑17, where 24‑carat surged by ₹90,600 per 100 g (about ₹9,060 per 10 g). The same platform noted that 22‑carat rose ₹72,300 per 100 g over the same window.
Across the Country: Regional Snapshots
While Delhi posted the headline figure, rival metros echoed the trend. In Mumbai, traders recorded 24‑carat at roughly ₹1,32,400 per 10 g, and in Chennai it hovered around ₹1,31,900. Kolkata was slightly lower but still above ₹1,30,000, underscoring a nationwide appetite.
These numbers were corroborated by reporting from the Hindustan Times, which highlighted the cultural belief that buying gold during Dhanteras brings prosperity to households and businesses.
What the Experts Are Saying
Economists note that the price‑purity correlation is textbook: higher karat equals higher price. The Economic Times quoted a senior analyst explaining, "As gold purity climbs, the market naturally rewards it with a premium, especially during a festive window where demand spikes."
Meanwhile, a senior IBMJ official (IBJA) warned that the “indicative retail selling rates” released on Oct 17 were provisional, acknowledging the volatility that follows such rapid moves.
Implications for Investors and Buyers
For everyday investors, the brief correction on Oct 18 offered a modest respite – 24‑carat dipped by just over 2 %. Yet, in practical terms, a family buying a 10‑gram necklace still faced a bill north of ₹1.3 lakh.
Retail chains like Tanishq are likely to tighten credit terms for gold‑linked loans, given the heightened price risk. On the flip side, gold‑focused mutual funds saw inflows surge by 12 % in the week leading up to Dhanteras, according to data from a major asset manager.
Looking Ahead: Will the Rally Continue?
Analysts are divided. Some, like Trivedi, argue that the post‑festival period could usher in a gentle decline as inventories replenish. Others point to global macro pressures – a weakening US dollar and tightening Indian fiscal policy – that could keep the upward drift alive.
What’s clear is that Dhanteras has once again proved a catalyst for gold‑price volatility. As the festival season rolls into Diwali, markets will watch closely for any further supply shocks or policy announcements from the Reserve Bank of India.
Frequently Asked Questions
How does the Dhanteras price surge affect small investors?
Small investors who bought gold before the festival now hold a metal that is roughly 2‑3 % higher than a week earlier. While this boosts the value of existing holdings, it also means any new purchase costs substantially more, limiting entry for first‑time buyers.
What triggered the correction on October 18?
The dip stemmed from a brief easing of demand as retailers replenished stock and a handful of large sellers took profit after the record peak. The correction was modest – around ₹2,500 per 10 g for 24‑carat – reflecting normal market stabilization after a festive rush.
Are there any policy changes expected that could influence gold prices?
The Reserve Bank of India is slated to review its monetary stance later this month. A tighter policy could strengthen the rupee, potentially easing gold prices, while a dovish stance might keep the upward pressure intact.
How do regional price differences impact buyers?
Delhi, Mumbai, Chennai, and Kolkata all posted prices within a ₹1‑2 lakh band for 10 g of 24‑carat. Buyers in smaller cities often pay a premium over the quoted metros, so many travel to larger markets or shop online to secure better rates.
What does the historical trend suggest for next year's Dhanteras?
Looking back at the past five Dhanteras festivals, gold has consistently surged 8‑12 % in the week leading up to the event. If supply constraints persist, a similar or higher jump could be on the cards for 2026.