As Dhanteras approaches, India’s gold market is witnessing a spectacular rally. On October 15, 2025, bullion prices are climbing to fresh highs as investors and buyers rush in ahead of the festive season. In this article, we decode the latest rates for 24-karat, 22-karat, and 18-karat gold, city-wise trends, and what’s fueling this surge.
A New Peak Globally and Domestically
Globally, spot gold is trading near $4,179 per ounce, reinforcing its role as a safe haven amid economic uncertainty. On the domestic front, gold is setting records. In early morning trading, the MCX December contract surged past ₹127,500 per 10 grams.
This sharp upward movement is driven by multiple forces: renewed safe-haven demand, expectations of interest rate cuts by the U.S. Federal Reserve, weakening of the rupee, and the traditional seasonal demand ahead of Dhanteras and Diwali.
24K, 22K & 18K Gold: Today’s Snapshot
As per data from market trackers:
| Purity | Price (per 10 grams) | Price (per gram) |
|---|---|---|
| 24K (Pure) | ~ ₹128,360 | ₹12,889 per gram ([Moneycontrol][2]) |
| 22K | ~ ₹117,660 | ₹11,815 per gram ([Moneycontrol][2]) |
| 18K | ~ ₹96,270 | ₹9,667 per gram ([Moneycontrol][2]) |
Some variations across sources may exist, owing to local premiums, making charges, and geographic factors.
City-Wise Rates: Chennai, Delhi, Jaipur & More
Gold prices can differ across cities due to logistics, state taxes, and demand. Here’s a glimpse of today’s rates in key metros:
- Chennai: The bullion rate for 10 g is around ₹127,090.
- Delhi: Bullion trades close to ₹126,500 per 10 g.
- Mumbai: You’ll see rates near ₹126,720 per 10 g on bullion.
- Jaipur: Jewelers are shifting towards more 18K & 14K jewelry to manage affordability amid high 22K/24K rates. Keep in mind: these are bullion or city benchmark rates. When buying jewelry, retailers add making charges, GST, and other markups. Why Gold Is Climbing Fast Now
Several interlinked factors are pushing gold prices upward:
- Safe-haven demand
With global economic uncertainties, geopolitical tensions, and expectations of rate cuts, many investors are migrating toward gold as a hedge. - Weakening rupee
As the rupee weakens against the dollar, gold becomes costlier to import, pushing up domestic rates. - Seasonality & Festival Demand
Dhanteras and Diwali trigger a surge in gold purchases—traditionally for gifting and investment. The buildup to the festival is encouraging early buying. - Tight Supply & Premiums
Even as bullion prices hit records, local premiums are rising, especially in India’s domestic markets. Dealers are quoting higher add-ons, reducing the scope for discounts. - Inflation and Fiscal Pressures
In an inflationary scenario and with large deficits, gold is viewed as a store of value.
What This Means for Buyers & Investors
For the Festive Buyer
- Be ready for higher costs: Jewellery will cost more than base bullion. Making charges and taxes could add a substantial premium.
- Consider 18K or 14K options: Especially in markets like Jaipur, jewelers are offering lower-karat alternatives to retain sales volume.
- Lock in prices early: If you intend to buy, don’t wait too close to the festival—prices may climb further. For the Investor
- Gold is attractive now: As a hedge, it’s drawing interest given global uncertainty.
- Watch the premium dynamics: The spreads between bullion benchmarks and actual retail prices may widen or narrow, impacting returns.
- Diversify exposure: You might consider gold ETFs or digital gold if watching physical premiums is tricky. Risks & Things to Watch
- Retail markups ballooning: As demand outpaces supply, making charges may rise unusually, eating into gains.
- Volatility if sentiment turns: If global risk softens or rate cuts are delayed, the upward momentum could reverse.
- Currency reversals: A strong rupee bounce could dampen imported-gold costs.
- Regulatory shifts: Changes in import duty, taxes, or government policies could alter pricing structure quickly. Final Takeaway
Gold is blazing toward new record highs as India gears up for Dhanteras. With 24K reaching ~₹12,889/g, 22K around ~₹11,815/g, and 18K near ~₹9,667/g, across major cities these rates now reflect a fusion of global momentum and localized demand.
If you plan to buy jewelry, act smart—compare making charges, verify hallmarks, and avoid last-minute rushes. For investors, this rally underscores gold’s strength as a safe-haven asset, but vigilance is key in navigating premiums, volatility, and supply dynamics.
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