Gold Prices Continue to Rise Ahead of Diwali and Dhanteras — Middle Class Feels the Pinch

Gold prices have been soaring with each passing day, and the trend shows no signs of slowing down. On October 9, prices jumped yet again — rising by ₹220 per 10 grams, adding to the growing concern among buyers and investors.

For many, especially middle-class families, gold is not just a luxury but a traditional and emotional investment — often bought during festivals, weddings, and auspicious occasions. However, the consistent price hikes have made it increasingly difficult for them to afford the precious metal.

With Diwali and Dhanteras just around the corner — festivals considered highly auspicious for buying gold — people are finding themselves in a dilemma. While tradition encourages purchasing gold during this time, the steep prices are forcing many to either postpone their plans or opt for smaller quantities and lightweight jewellery.

Experts attribute the current surge to several global and domestic factors — including a weaker rupee, strong international demand, and uncertainty in global markets. Gold has always been viewed as a “safe haven” investment, and with rising geopolitical tensions and inflation worries, demand for it has gone up, further pushing prices higher.

According to recent data, gold prices in major Indian cities have reached record levels:

Delhi: ₹1,24,300 per 10 grams (24 Carat)

Mumbai: ₹1,24,150 per 10 grams (24 Carat)

Chennai: ₹1,24,370 per 10 grams (24 Carat)

Hyderabad: ₹1,24,150 per 10 grams (24 Carat)

Ahmedabad: ₹1,24,200 per 10 grams (24 Carat)

Silver prices, too, have seen an upward trend, adding more strain to those planning festive purchases.

MCX / futures snapshot

MCX gold futures were reported near ₹1,22,700 per 10 g in early trading on Oct 9, 2025 (futures/prices can differ from spot retail rates). The Economic Times

Silver (9 Oct 2025)

Silver: ~₹161 per gram → ₹1,61,000 per kg (some cities, e.g., Chennai & Hyderabad, reported higher per-kg levels).

As the festive season begins, jewellers expect demand to remain moderate — with many customers preferring exchange offers, EMI options, or digital gold as alternatives to physical purchases.

Despite the challenges, gold continues to hold a special place in Indian hearts. But for now, the glitter of gold comes with a growing financial burden for many households.

Disclaimer:
Gold and silver prices mentioned in this article are based on prevailing market rates, and may vary across cities and jewellery stores. Prices are subject to change depending on international market fluctuations, currency exchange rates, and local taxes. Readers are advised to check the latest rates before making any purchase or investment decisions.