Gold prices in India for today (October 11) are: 24-karat gold at ₹12,370 per gram, 22-karat gold at ₹11,339 per gram, and 18-karat gold at ₹9,277 per gram.

Rates in major cities

In Chennai, 24-karat gold is ₹12,370, 22-karat is ₹11,339, and 18-karat is ₹9,379 per gram. In Mumbai, 24-karat gold is ₹12,370, 22-karat ₹11,339, and 18-karat ₹9,277. Delhi sees slightly higher rates with 24-karat at ₹12,385, 22-karat ₹11,354, and 18-karat ₹9,191. In Kolkata, Bangalore, Hyderabad, and Kerala, 24-karat gold is ₹12,370, 22-karat ₹11,339, and 18-karat ₹9,277 per gram.

Why are gold rates likely to rise ahead of Diwali?

The period leading up to Dhanteras and Diwali is the busiest for gold demand in India. Families purchase gold jewellery for cultural and religious reasons, boosting domestic demand.

Global factors also contribute. Investors turn to gold as a safe haven amid geopolitical and trade uncertainties. A weakening rupee increases import costs, pushing domestic prices higher.

What does this mean for shoppers and investors?

The rally makes gold more expensive for festival purchases. Investors see it as a hedge against inflation and economic uncertainty. However, sharp gains suggest buyers exercise caution in the short term.

How do experts view the market trend?

Old prices are likely to continue rising ahead of Diwali. Internationally, gold recently crossed $4,000 per ounce as investors sought safety amid the US government shutdown, economic uncertainty, and expectations of further Federal Reserve rate cuts.

Long-term institutional investors and global central banks are driving the rally rather than speculators, limiting potential dips. Any temporary pullbacks may present buying opportunities.

What about domestic supply and demand?

India’s gold and silver imports nearly doubled in September from August, as banks and jewellers built inventories for the festival season and to avoid higher import taxes. Dealers reported premiums of $8–10 per ounce over official domestic prices, including 6% import duty and 3% sales levies, indicating strong physical demand.

Retail demand is expected to remain robust through Diwali, even as global demand in markets such as China slows. Cultural sentiment, costly imports, and global uncertainties suggest that prices are likely to remain firm in the coming weeks.