Gold Prices Rally Nears ₹1.3 Lakh Mark as Festive Demand Heats Up
By Shishta Dutta | Published at: Oct 16, 2025 12:58 PM IST
New Delhi, October 16: Gold prices in India are showing signs of rally today, on October 16, with the 24K gold price trading near the ₹1.3 lakh mark per 10 grams in New Delhi. The significant positive momentum that started in August is now being driven by the festive demand ahead of Dhanteras and Diwali. Apart from the festive demand, global signals such as the US-China trade war and geopolitical tensions are also fueling the rally.
Record Levels In The Domestic Market
As of October 16, 2025, gold prices in India have hit new record highs. The rate for 24-karat gold is now at ₹1,29,450 per 10 grams. On the other hand, the price for 22-karat gold is at ₹1,18,660, and 18-karat gold has reached ₹97,090. This rise is being driven by a combination of strong physical demand, a weaker currency, and ongoing fiscal uncertainty.
Gold Rises In The Global Market
In the global market, spot gold increased by 0.3% to $4,218.74 an ounce. This rise in gold occurred as the Bloomberg Dollar Spot Index fell by 0.2%, marking its third consecutive day of decline. In other precious metals, platinum prices held steady, while palladium saw a slight gain.
City-Wise Gold Prices (per gram)
| City | 24K | 22K | 18K |
|---|---|---|---|
| Mumbai | ₹12,945 | ₹11,886 | ₹9,709 |
| Delhi | ₹12,960 | ₹11,881 | ₹9,724 |
| Chennai | ₹12,939 | ₹11,881 | ₹9,801 |
| Hyderabad | ₹12,945 | ₹11,886 | ₹9,709 |
| Kolkata | ₹12,945 | ₹11,886 | ₹9,709 |
| Bangalore | ₹12,945 | ₹11,886 | ₹9,709 |
| Jaipur | ₹12,960 | ₹11,881 | ₹9,724 |
| Ahmedabad | ₹12,950 | ₹11,871 | ₹9,714 |
| Lucknow | ₹12,960 | ₹11,881 | ₹9,724 |
| Coimbatore | ₹12,939 | ₹11,881 | ₹9,801 |
| Patna | ₹12,950 | ₹11,871 | ₹9,714 |
| Pune | ₹12,945 | ₹11,886 | ₹9,709 |
| Nagpur | ₹12,945 | ₹11,886 | ₹9,709 |
| Kerala | ₹12,945 | ₹11,886 | ₹9,709 |
| Madurai | ₹12,939 | ₹11,881 | ₹9,801 |
| Vijayawada | ₹12,945 | ₹11,886 | ₹9,709 |
| Vadodara | ₹12,950 | ₹11,871 | ₹9,714 |
Positive Trend For Gold
The gold price is on the rise due to increased demand for it as a safe-haven asset. Demand is being driven by the ongoing US government shutdown and other fiscal worries. Large purchases by central banks are also contributing to the demand, which has resulted in gold prices increasing by more than 60% this year. Analysts believe the price will continue to rise through November, driven by increased buying during India’s festival season and ongoing global uncertainties. They predict the price could soon cross the ₹1.3 lakh per 10 grams mark.
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