The price of gold in India has witnessed a sharp rise over the past week, driven by festive demand, weak equity markets, expectations of a U.S. Federal Reserve rate cut, and a decline in the dollar. According to market data, the price of 24-carat gold has jumped by Rs 3,920 per 10 grams over the week, while 22-carat gold rose by Rs 3,600 per 10 grams.
In Delhi, 24-carat gold is now priced at Rs 1,19,550 per 10 grams, while 22-carat gold stands at Rs 1,09,600 per 10 grams. However, analysts note that the pace of purchases has slowed slightly in the last two days due to profit booking and a marginal recovery in the U.S. dollar.
Gold price in major Indian cities (as of October 5)
| City | 22-Carat (₹/10g) | 24-Carat (₹/10g) |
|---|---|---|
| Delhi | 1,09,600 | 1,19,550 |
| Mumbai | 1,08,640 | 1,19,400 |
| Chennai | 1,08,640 | 1,19,400 |
| Kolkata | 1,08,640 | 1,19,400 |
| Jaipur | 1,09,600 | 1,19,550 |
| Lucknow | 1,09,600 | 1,19,550 |
| Chandigarh | 1,09,600 | 1,19,550 |
| Bhopal | 1,09,500 | 1,19,450 |
| Ahmedabad | 1,09,500 | 1,19,450 |
| Hyderabad | 1,08,640 | 1,19,400 |
Experts suggest that the combination of domestic festive buying, a weak dollar, and geopolitical uncertainty continues to support gold prices in India.
Silver price climbs faster than gold
Meanwhile, silver has seen a stronger rally this week, rising by Rs 6,000 per kilogram to reach Rs 1,55,000 per kg. In September alone, silver prices climbed 19.4%, outpacing gold’s 13% gain. Analysts attribute the surge to high industrial demand, which makes up nearly 60-70% of total silver consumption.
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