Gold Holds Steady, Silver Slides on Dhanteras 2025 – Rates, City Variations & Market Split

Oct, 18 2025

When Dhanteras 2025India rolled around on Saturday morning, the nation’s precious‑metal markets gave shoppers a mixed bag: gold barely budged while silver slipped enough to raise eyebrows.

At 8:00 AM UTC, the Multi Commodity Exchange’s gold index was quoted at Rs 1,27,320 per 10 grams, translating to roughly Rs 13,086 per gram for 24‑carat bars. In the same breath, the MCX silver price logged at Rs 1,57,300 per kilogram – that’s Rs 157.30 per gram – according to a Times Now News report released later that day.

Market Snapshot on Dhanteras

While the exchange‑traded figures suggested a modest correction, retailers on the ground painted a slightly different picture. The Economic Times noted that physical silver in the retail market was fetching Rs 172 per gram – a premium of about Rs 15 over the futures price. Gold, meanwhile, held firm: 24‑carat pieces were priced at Rs 13,086 per gram nationally, with 22‑carat gold landing at Rs 11,995 per gram.

• Gold (24K) – Rs 13,086/gram (national average)
• Gold (22K) – Rs 11,995/gram (national average)
• Silver (MCX) – Rs 157.30/gram
• Silver (retail) – Rs 172/gram
• Silver dip – Rs 13/gram on Dhanteras

That Rs 13 drop might look tiny, but in a market where a gram of silver can swing by more than Rs 30 during festive peaks, even a ‘marginal’ dip becomes headline material.

Gold Prices Across Cities

City‑by‑city numbers revealed the usual patchwork of regional premiums. In Delhi, 24‑carat gold quoted at Rs 13,101 per gram, while 22‑carat fetched Rs 12,010. Down south, Chennai listed 24‑carat at Rs 13,037 and 22‑carat at Rs 11,950. Both Mumbai and Hyderabad mirrored the national average, sticking to Rs 13,086 for 24K and Rs 11,995 for 22K.

The highest October peaks were recorded a day earlier – October 17 – when 24‑carat gold reached Rs 13,277 per gram and 22‑carat topped out at Rs 12,170. By contrast, the month’s low water mark fell on October 3, with 24‑carat at Rs 11,853 and 22‑carat at Rs 10,865.

Silver Price Divergence: Futures vs Retail

Why the gap between MCX and street‑level silver? Analysts point to the festive demand surge and the fact that many buyers still prefer physical bullion over paper contracts. India Today quoted market strategist Riya Banerjee saying, “During Diwali, the premium on physical silver can balloon because retailers hedge against supply constraints and the emotional pull of buying tangible metal.”

That emotional pull also explains why, despite the Rs 13 dip reported by Times Now News, overall silver futures actually closed slightly higher on the day – a reminder that futures markets often absorb broader macro‑economic signals, while retail prices react to on‑ground buying frenzy.

Cultural Significance and Consumer Behavior

The day of Dhanteras marks the first of five days that culminate in Diwali, India’s Festival of Lights. Tradition holds that purchasing gold, silver, or even new kitchenware on this auspicious morning invites prosperity for the rest of the year. Narendra Modi, Prime Minister of India, posted a greeting on X (formerly Twitter) at 09:15 IST, urging citizens to “celebrate with hope, health and responsible spending.”

Retail footfall reflected that sentiment. Malls in Delhi, Mumbai, and Bangalore reported queues stretching beyond 200 metres outside jewelry stores, with many buyers opting for classic designs rather than trendy pieces – a pattern that analysts say signals a “wealth‑preservation” mindset rather than speculative buying.

Analyst Views and Future Outlook

Looking ahead, experts expect gold to stay in a narrow band for the next few weeks, barring any unexpected geopolitical shock. “We’ve seen a roughly 9.7 % month‑on‑month rise in October, building on a 10.9 % surge in September,” noted financial commentator Amit Sharma of Goodreturns.in. “If the RBI keeps rates steady, the only real driver for further gold price appreciation will be continued festive demand in November.”

Silver, on the other hand, may see a modest correction after the Diwali peak. The premium over MCX could shrink to around Rs 10‑12 per gram if inventory levels normalize in the bulk market. Still, with industrial demand for silver rising in electronics, the metal’s longer‑term outlook remains bullish.

In short, Dhanteras 2025 gave investors a reminder that gold’s stability can be a comfort in a volatile world, while silver’s price swings keep traders on their toes.