Key points:
- 24-carat gold is around ₹1.48 lakh per 10 grams in mid-October; market experts see a possible move to ₹1.5 lakh by Diwali, with silver tipped at ₹2.2–2.3 lakh per kg.
- Gold is up about 9% this year while silver is down about 9% — festive demand, central-bank buying and safe-haven flows are holding gold up.
- Diwali falls on Sunday 8 November 2026, with Dhanteras — the traditional gold-buying day — on Friday 6 November.
Gold buying is as much a Diwali ritual as diyas and sweets — but this year the ritual comes with a record price tag. In mid-October, 24-carat gold in India is trading near ₹1.48 lakh per 10 grams, and gold price outlooks are among the most searched money topics of the month. Here’s what is driving the price, and what it means if you’re planning to buy.
Where experts see prices going
Commodity expert Anuj Gupta, in an outlook reported by Business Today on 17 October, sees gold testing ₹1.5 lakh per 10 grams by Diwali, and silver reaching ₹2.2–2.3 lakh per kilogram. He also flags the ceiling: rising interest rates and better returns on bonds give investors alternatives that gold — which pays no income — has to compete with, so a runaway rally is not the base case. The year’s scoreboard tells the same two-sided story: gold is up around 9% in 2026, while silver is down around 9%.
Why gold is this expensive
Three forces are stacked together. Central banks around the world keep buying gold as a reserve they control, which puts a floor under the price. Global uncertainty keeps ordinary investors treating gold as insurance. And at home, the festive season plus the wedding season that follows it concentrate a year’s worth of jewellery demand into a few weeks — starting with Dhanteras on Friday 6 November, the day traditionally considered most auspicious for buying metal, ahead of Diwali itself on Sunday 8 November.
How buyers are adapting
Jewellers report the classic response to high prices: people still come, but they buy smarter. Many keep the same total budget and accept a lighter piece. Others choose designs with lower making charges, exchange old jewellery to offset the bill, or switch part of the purchase to coins and smaller items for Dhanteras and keep the big jewellery decision for later. The tradition survives — the shopping list changes shape.
Buying this Diwali? Four checks
First, buy hallmarked gold only — the BIS hallmark is your proof of purity. Second, ask for the making charges and buy-back terms in writing before you pay; they vary more than the gold rate does. Third, compare the day’s rate across two or three sellers, since retail quotes differ by city and shop. And fourth, if you’re buying purely as an investment rather than to wear, compare physical gold with regulated alternatives like sovereign gold bonds before deciding — same metal, very different costs. High prices reward careful buyers; they punish rushed ones.