It is going to be a glittering Dhanteras with the gold rush continuing at retail stores despite yellow metal prices hitting another new high.

Gold prices were up ₹2,113 per 10 grams or two per cent at ₹129,584 per 10 gram on Friday, against ₹127,471 logged on Thursday. It opened strong at ₹130,874 per 10 gram, but dipped marginally due to rupee depreciation against the dollar.

In the last one month, gold prices have jumped by ₹20,073 per 10 gram or 18 per cent, triggering a strong ‘fear of missing out’ (fomo) syndrome among buyers with Dhanteras and Diwali around the corner.

The All India Gem and Jewellery Domestic Council (GJC) expects gold jewellery sales to increase 12-15 per cent this Dhanteras season with a clear focus on lightweight designs, investment-grade pieces, hallmark-certified gold coins and versatile daily-wear jewellery. Rajesh Rokde, Chairman, GJC, said the festive season, coupled with the big fat wedding season ahead, is fuelling demand.

Shining future

With prices recently climbing to ₹129,430 per 10 gram, the momentum will continue through Diwali, possibly breaching ₹130,000, reinforcing gold’s image as a haven for Indian households, Rokde added.

Colin Shah, MD, Kama Jewelry, said despite gold prices scaling new highs, the sentiment among buyers during the festive season is likely to remain upbeat. Given the current market scenario, he said overall sales this festive season should surge 18-20 per cent, signalling some relief from the brunt that the gems and jewellery sector is facing due to heavy tariffs on exports, he added.

NS Ramaswamy, Head of Commodities & CRM, Ventura said gold rally has been explosive right from $3,000 an ounce in March to current level of $4,300.

Back home, gold prices have rallied 63 per cent to ₹128,200 per 10 gram from ₹78,840 logged last Dhanteras, with buyers catching FOMO fever, he said.

With the US-China trade war simmering and the Russia-Ukraine war far from over, the record-setting rally of gold prices will continue in the near future as buyers step in on every pullback in prices, he added.

Along with gold, the demand for silver, too, has shot up ahead of Dhanteras. Silver prices rose sharply to ₹191 per gram from ₹158 per gram on October 8. An outlet of Lalitha Jewellery has received silver bookings worth 350 kg, reflecting the overall demand for the metal.

“Silver, in particular, is in great demand. A good number of them are not worried about its availability. They are blocking today’s price,” said an executive at Lalitha Jewellery.

Published on October 17, 2025