India: The gold rally continued on Thursday, October 16, 2025, with international bullion briefly exceeding $4,227 an ounce. In India, 24K gold per 10 grams is trading at Rs 1,29,450, and is expected to cross the Rs 1.3 lakh mark soon, driven by festive demand ahead of Dhanteras and Diwali.
Gold rates across major categories
According to Goodreturns, the rates per 10 grams in India are:
- 24K: Rs 1,29,450
- 22K: Rs 1,18,660
- 18K: Rs 97,090
In major cities today, the gold prices per gram are as follows:
| City | 24K (₹/gm) | 22K (₹/gm) | 18K (₹/gm) |
|---|---|---|---|
| Chennai | 12,939 | 11,881 | 9,801 |
| Mumbai | 12,945 | 11,886 | 9,709 |
| Delhi | 12,960 | 11,881 | 9,724 |
| Kolkata | 12,945 | 11,886 | 9,709 |
| Bengaluru | 12,945 | 11,886 | 9,709 |
| Hyderabad | 12,945 | 11,886 | 9,709 |
| Pune | 12,945 | 11,886 | 9,709 |
| Ahmedabad | 12,950 | 11,871 | 9,714 |
| Jaipur | 12,960 | 11,881 | 9,724 |
Factors driving the rally
The ongoing US government shutdown and the “debasement trade” have boosted bullion prices, as investors shift from sovereign debt and currencies to gold. Central bank purchases have also played a major role in gold’s surge of over 60% this year.
In Singapore, spot gold rose 0.3% to $4,218.74 an ounce, while the Bloomberg Dollar Spot Index fell 0.2% for the third consecutive day. Platinum remained steady, and palladium inched higher.
Futures market highs
Gold futures on MCX hit record highs on October 16:
- December expiry: Rs 1,28,395 per 10 grams
- February expiry: Rs 1,29,368 per 10 grams
- April expiry: Rs 1,30,839 per 10 grams
Saad Rahim, chief economist at Trafigura Group, said the rally is driven by physical buying and central bank purchases, with investors seeking safety amid fears of debt sustainability and lower interest rates.