When Narendra Modi, Prime Minister of India posted a festive greeting on X early Saturday, gold prices were already on a roller‑coaster ride.
Festival backdrop and official greetings
Dhanteras, the auspicious start to the Diwali festivities, fell on Dhanteras 2025India (Saturday, 18 October). The Prime Minister’s short, heartfelt message – "Heartfelt Dhanteras greetings to all my family members in the country… May Lord Dhanvantari bless us all" – was shared with millions of followers, underscoring the festival’s cultural weight and its link to wealth‑related purchases.
Market correction on the eve of Dhanteras
Just a day before the celebration, the precious‑metals market took a sharp turn. On Friday, 17 October, the Multi Commodity Exchange (MCX) saw traders snap up profits after weeks of a bullish run. 24‑karat gold, which had peaked at an all‑time high of ₹1,32,294 per 10 grams, slipped around 3 % to ₹1,25,957. Silver wasn’t spared – it fell over 8 % from ₹1,70,415 per kilogram to ₹1,53,929.
The dip was driven by a brief easing of geopolitical tensions and a modest retreat in global risk appetite. Investors, who had rushed in on the back of optimism about slowing inflation, chose to lock in gains, leaving the market a touch thinner just as shoppers were gearing up.
City‑wise price snapshot
Live feeds from Times Now News painted a patchwork of rates across the country. On Dhanteras morning:
- Chennai quoted ₹1,33,090 for 24‑karat gold and ₹1,22,000 for 22‑karat.
- Mumbai listed ₹1,32,770 (24 K) and ₹1,21,700 (22 K).
- New Delhi’s figure stood at ₹1,32,920 for the purest grade.
GoodReturns, another market tracker, posted the next‑day conversion of 24‑karat gold to ₹13,086 per gram, with 22‑karat at ₹11,995 and 18‑karat at ₹9,814.
Analyst forecasts for Dhanteras 2026
Looking ahead, market analyst Praveen Singh believes the correction is temporary. He projects gold to breach $5,000 per ounce by the next Dhanteras (2026), with intermediate targets of $4,250‑$4,500. Assuming a USD‑INR rate of 89, that translates to roughly ₹1,28,500‑₹1,35,000 per 10 grams.
For silver, Singh’s long‑term view sees a climb to $75 per ounce on the COMEX, equating to about ₹2,30,000 per kilogram domestically, with a mid‑term rally to $60 by the 2026 festival.
Auspicious buying windows (muhurat) across India
The Economic Times published a city‑specific muhurat schedule, carving out narrow windows when buying is considered most propitious. Highlights include:
- New Delhi – 07:16 PM – 08:20 PM
- Mumbai – 07:49 PM – 08:41 PM
- Chennai – 07:28 PM – 08:15 PM
- Pune – 07:46 PM – 08:38 PM
The broader auspicious period spans from 12:18 PM on 18 October to 06:24 AM on 19 October, giving shoppers a roughly 18‑hour window to make purchases under the festival’s blessings.
What the dip means for shoppers
For the average Indian family, the 3 % slide in gold offers a modest reprieve after months of relentless price hikes. While the numbers may not seem dramatic, the psychological impact of seeing a record‑high retreat can nudge fence‑sitters toward a purchase.
Moreover, the muhurat timing aligns with after‑work hours, meaning many can plan a quick trip to a trusted jeweler before the market closes. Experts advise comparing city rates, as local taxes and jeweler premiums can vary by a few hundred rupees per gram.
Finally, the analyst’s bullish outlook suggests that today’s dip could be a buying opportunity that pays off by next year’s Dhanteras, especially if global interest‑rate trends stay accommodative.
Key takeaways
- Gold fell ~3 % to ₹1,25,957 per 10 g on 17 Oct after hitting a record ₹1,32,294.
- Silver dropped >8 % to ₹1,53,929 per kg.
- City rates varied, with Delhi, Mumbai and Chennai leading the price charts.
- Analyst Praveen Singh forecasts gold reaching $5,000/oz by Dhanteras 2026.
- Auspicious buying windows run from midday 18 Oct to early morning 19 Oct, with city‑specific muhurats.
Frequently Asked Questions
How does the current gold price dip affect holiday shoppers?
The ~3 % drop lowers the entry cost for 24‑karat gold by roughly ₹6,300 per 10 grams, making it more affordable for families planning Diwali gifts. While the savings aren’t huge, they can tip the balance for buyers who were waiting for a price correction.
What are the projected gold prices for Dhanteras 2026?
Market analyst Praveen Singh expects gold to reach $5,000 per ounce by the 2026 festival, translating to about ₹1,35,000 per 10 grams if the USD‑INR rate stays near 89. Intermediate targets of $4,250‑$4,500 could be seen as early 2026 milestones.
Which cities offer the most favorable gold rates today?
According to live updates, New Delhi posted ₹1,32,920 for 24‑karat gold, slightly above Mumbai’s ₹1,32,770 and Chennai’s ₹1,33,090. However, local taxes and jeweler premiums mean the net price can differ; shoppers should request a full‑breakdown before buying.
When is the most auspicious time to purchase gold on Dhanteras?
The Economic Times listed city‑specific muhurat windows, e.g., Delhi 07:16 PM‑08:20 PM, Mumbai 07:49 PM‑08:41 PM. The overall auspicious window runs from 12:18 PM on 18 Oct to 06:24 AM on 19 Oct, covering most retail hours.
What are the expectations for silver prices in the coming year?
Singh projects silver to rise to $60 per ounce by Dhanteras 2026, with a longer‑term target of $75 per ounce, equating to roughly ₹2,30,000 per kilogram in the Indian market. This anticipates a gradual recovery as industrial demand steadies.