Gold Prices Hit Record High on MCX; Up 63% Since Last Diwali

October 17, 2025 – Gold on MCX increased by 63% since the previous Diwali, from ₹79,268 on October 29, 2024, to ₹1,28,395 today. In intraday trading, the spot rates contributed ₹1,185 to the previous close at ₹1,27,210. In global markets, gold reached its record high of $4,242 per ounce.

What is Driving the Rally?

Global uncertainties, including geopolitical tensions, signs of economic slowdowns, and expectations of US Federal Reserve rate cuts, have amplified safe-haven demand. A weaker US dollar has added momentum, with the currency down nearly 10% in the first half of 2025, making gold relatively cheaper for holders of other currencies. Heightened US–China tariff tensions also supported the move.

Today’s MCX Action

Price in MCX increased to ₹1,28,395, up ₹1,185 from the previous day, a new high. That propels the yellow metal’s advance into the festival period with an outlook reinforced by dollar weakness and global risk indications.

Diwali-to-Date Performance

From earlier Diwali’s ₹79,268 level to the day’s record print, the 63% spike in gold marks its outperformance relative to key asset classes in the corresponding period, on the back of sustained safe-haven flows and currency influences.

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