As millions of Indians celebrate Dhanteras today, the auspicious beginning of the five-day Diwali festival, precious metal prices have shown contrasting movements. While gold continues to trade near record highs with slight corrections, silver has experienced significant volatility, providing mixed signals for festive buyers seeking to purchase these traditional symbols of prosperity.
Gold Prices on Dhanteras 2025
Current Gold Rates Across India (October 18, 2025):
Gold prices have shown a marginal decline from their recent peaks, offering some relief to Dhanteras shoppers. The current rates stand at:
24-Karat Gold: ₹13,278 per gram (₹1,32,780 per 10 grams)
22-Karat Gold: ₹12,171 per gram (₹1,21,710 per 10 grams)
18-Karat Gold: ₹9,959 per gram (₹99,590 per 10 grams)
Despite today’s slight correction, gold prices remain elevated compared to last year’s Dhanteras, showing a remarkable 65.17% year-on-year increase from ₹78,610 per 10 grams in 2024. A significant 58% of this rally has occurred in just the first 10 months of 2025.
City-Wise Gold Prices Today
| City | 22K Gold (per 10g) | 24K Gold (per 10g) |
|---|---|---|
| Delhi | ₹1,21,860 | ₹1,32,930 |
| Mumbai | ₹1,21,710 | ₹1,32,780 |
| Chennai | ₹1,21,710 | ₹1,32,780 |
| Kolkata | ₹1,21,710 | ₹1,32,780 |
| Bengaluru | ₹1,21,710 | ₹1,32,780 |
| Hyderabad | ₹1,21,710 | ₹1,32,780 |
| Pune | ₹1,21,710 | ₹1,32,780 |
| Ahmedabad | ₹1,21,760 | ₹1,32,830 |
| Jaipur | ₹1,21,860 | ₹1,32,930 |
Silver Prices Witness Sharp Correction
Silver has experienced dramatic volatility on Dhanteras, with prices showing a significant decline of ₹13,000 per kilogram from the previous day.
Current Silver Rates (October 18, 2025):
Per Gram: ₹172 (down ₹13 from yesterday)
Per 10 Grams: ₹1,720 (down ₹130)
Per 100 Grams: ₹17,200 (down ₹1,300)
Per Kilogram: ₹1,72,000 (down ₹13,000)
This represents the second consecutive day of decline for silver, which is unusual during the traditionally high-demand festive period.
City-Wise Silver Prices Today
| City | 10 Grams | 100 Grams | 1 Kilogram |
|---|---|---|---|
| Mumbai | ₹1,720 | ₹17,200 | ₹1,72,000 |
| Delhi | ₹1,720 | ₹17,200 | ₹1,72,000 |
| Kolkata | ₹1,720 | ₹17,200 | ₹1,72,000 |
| Pune | ₹1,720 | ₹17,200 | ₹1,72,000 |
| Ahmedabad | ₹1,720 | ₹17,200 | ₹1,72,000 |
| Bengaluru | ₹1,800 | ₹18,000 | ₹1,80,000 |
| Chennai | ₹1,900 | ₹19,000 | ₹1,90,000 |
| Hyderabad | ₹1,900 | ₹19,000 | ₹1,90,000 |
Regional price variations reflect local demand, taxes, and dealer premiums
MCX Futures Market Performance
The Multi Commodity Exchange (MCX) showed contrasting movements for both metals on Friday:
Gold Futures:
December 2025 contract closed at ₹1,27,320 per 10 grams
Gained ₹312 or 0.25% for the day
Hit a new lifetime high of ₹1,32,294 during the session
Silver Futures:
December 2025 contract ended at ₹1,57,300 per kilogram
Rose ₹696 or 0.44% despite retail price decline
Witnessed the biggest intraday correction in MCX history, dropping 16,715 points from session high to low
Reached an all-time high of ₹1,70,415 before sharp correction
International Precious Metals Market
Global precious metals showed significant volatility on October 17, 2025:
International Gold:
Spot gold: $4,250.80 per ounce (down $74.50 or 1.72%)
Trading range: $4,186.50 – $4,380.10
Year-to-date gain: approximately 63%
International Silver:
Spot silver: $51.86 per ounce (down $2.25 or 4.16%)
Trading range: $50.57 – $54.52
Year-to-date gain: exceeds 78%
Hit all-time high of $54.47 before correction
Market Drivers and Analysis
Several factors are influencing precious metal prices on this auspicious day:
Supporting Factors:
Festive Demand: Traditional Dhanteras buying provides underlying support
Global Uncertainties: US government shutdown extending into 17th day
Safe-Haven Appeal: International trade tensions and geopolitical concerns
Central Bank Buying: Accumulations exceeding 350 tonnes globally
ETF Inflows: Unprecedented inflows exceeding $75 billion
Pressure Points:
Profit Booking: After recent record-breaking rally
Reduced Safe-Haven Demand: Easing of some market anxieties
Rising Bond Yields: Pressuring non-yielding assets
Dollar Strength: Impacting international prices
Silver’s Industrial Demand Story
Despite the correction, silver’s long-term outlook remains robust due to industrial applications:
Price Journey: Rose from $24 to approximately $47 per ounce from November 2022 to October 2025
Industrial Applications: Solar panels, electronics, electric mobility, and 5G infrastructure
Supply Deficit: Estimated at 390 million ounces from intensified industrial demand
Expert Forecast: Analysts predict silver could cross $50 per ounce driven by industrial demand
October 2025 Performance Summary
Silver Price Movement in October 2025:
October 1 rate: ₹1,51,000 per kg
October 18 rate: ₹1,72,000 per kg
Highest rate: ₹1,90,000 on October 15
Overall performance: Rising
Monthly change: +22.45%
Gold Performance:
Continued upward trajectory throughout October
Multiple record highs achieved
Strong festive season demand sustaining prices
Outlook for Festive Season
Despite today’s mixed signals, industry experts remain optimistic about precious metals demand during the festive season:
Positive Indicators:
Increased Household Liquidity: GST reforms, pay commission arrears, and easing inflation boosting discretionary spending
Cultural Significance: Deep-rooted tradition of gold and silver purchases during Diwali
Long-term Hedge: Continued preference for precious metals as inflation hedge
Challenges:
Price Sensitivity: Record high prices may moderate some demand
Affordability Concerns: Buyers exercising more careful planning
Investment Perspective
Financial advisors suggest that while prices remain elevated, the cultural and traditional significance of Dhanteras purchases, combined with long-term wealth preservation benefits, continue to attract buyers.
Key Considerations for Buyers:
Timing: Current correction in silver may offer buying opportunity
Quality: Ensure BIS hallmark certification for gold purchases
Budget Planning: Factor in making charges and GST (3% on gold, 5% on silver)
Purpose: Distinguish between investment and jewelry purchases
Dhanteras 2025 presents a complex scenario for precious metal buyers. While gold continues to command premium prices near record levels, offering limited relief from recent peaks, silver’s sharp correction may provide a more attractive entry point for investors and traditional buyers alike.
The contrasting movements in retail and futures markets highlight the underlying strength of precious metals despite short-term volatility. As millions celebrate this auspicious day, the enduring appeal of gold and silver as stores of value and symbols of prosperity remains intact, even as buyers navigate the highest price levels in history.
With the festive season just beginning, market participants will closely watch whether traditional demand can sustain these elevated price levels or if further corrections provide more accessible buying opportunities for the broader population.
