Diwali 2025: Gold, silver prices drop from record highs. Check latest rates on 19 October

Gold prices took a breather on Saturday and Sunday after touching record highs ahead of Diwali, even as jewellery stores across India witnessed a festive rush for Dhanteras purchases. In the national capital, 24-karat gold slipped on Saturday by Rs 2,400 to Rs 1,32,400 per 10 grams, according to the All India Sarafa Association, after hitting an all-time high of Rs 1,34,800 on Friday.

Gold of 99.5% purity followed a similar trend, easing to Rs 1,31,800 per 10 grams, while silver prices tumbled by Rs 7,000 to Rs 1,70,000 per kilogram, extending losses for the second straight day.

On Sunday, the 24-karat gold rate is further down to around Rs 1,30,860 per 10 gm.

Despite the correction, gold remains one of 2025’s best-performing assets — prices have surged 62.6% year-on-year, rising over Rs 51,000 per 10 grams since last Dhanteras. Silver, too, has soared 70% in a year, underscoring the remarkable strength of precious metals amid global economic uncertainty.

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Dhanteras Rush Keeps Festive Spirit High

The price dip failed to deter shoppers, as buyers crowded jewellery stores across cities to mark Dhanteras — the auspicious day that signals the start of Diwali festivities.
The Confederation of All India Traders (CAIT) estimated that gold and silver sales crossed Rs 60,000 crore, contributing to an overall festive spending of Rs 1 lakh crore this weekend.
From a cultural perspective, gold remains deeply intertwined with India’s traditions. Associated with Goddess Lakshmi, it symbolises wealth, purity, and prosperity. Buying gold on Dhanteras is believed to bring good fortune — a sentiment that continues to drive demand despite record prices.

What’s Driving the Bullion Rally

Analysts attribute the price correction to profit booking after a steep rally in global markets. Spot gold on Friday hit a lifetime high of $4,379.44 per ounce before easing to $4,249.98 as traders booked profits.

“Globally, gold’s rally is being fuelled by a weak dollar, expectations of U.S. rate cuts, and massive central bank buying. Domestically, premiums have surged to decade-high levels as investors increasingly prefer coins and bars over jewellery,” said Inderbir Singh Jolly, CEO of PL Wealth Management.

Outlook: Gold Expected to Stay Firm in 2025

According to a recent ICICI Bank Global Markets report, domestic gold prices are projected to trade between Rs 1,20,000 and Rs 1,35,000 per 10 grams for the remainder of 2025, potentially rising to Rs 1,45,000 by early 2026.

The bank expects global gold prices to stay elevated due to sustained investor demand, while a weaker rupee — forecast in the 87–89 per USD range — could further support local prices.

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