As millions of Indians celebrate Dhanteras today, the auspicious beginning of the five-day Diwali festival, precious metal prices have shown contrasting movements. While gold continues to trade near record highs with slight corrections, silver has experienced significant volatility, providing mixed signals for festive buyers seeking to purchase these traditional symbols of prosperity.​

Gold Prices on Dhanteras 2025

Current Gold Rates Across India (October 18, 2025):

Gold prices have shown a marginal decline from their recent peaks, offering some relief to Dhanteras shoppers. The current rates stand at:​

• 24-Karat Gold: ₹13,278 per gram (₹1,32,780 per 10 grams)

• 22-Karat Gold: ₹12,171 per gram (₹1,21,710 per 10 grams)

• 18-Karat Gold: ₹9,959 per gram (₹99,590 per 10 grams)

Despite today’s slight correction, gold prices remain elevated compared to last year’s Dhanteras, showing a remarkable 65.17% year-on-year increase from ₹78,610 per 10 grams in 2024. A significant 58% of this rally has occurred in just the first 10 months of 2025.​

City-Wise Gold Prices Today

Silver Prices Witness Sharp Correction

Silver has experienced dramatic volatility on Dhanteras, with prices showing a significant decline of ₹13,000 per kilogram from the previous day.​

Current Silver Rates (October 18, 2025):

• Per Gram: ₹172 (down ₹13 from yesterday)

• Per 10 Grams: ₹1,720 (down ₹130)

• Per 100 Grams: ₹17,200 (down ₹1,300)

• Per Kilogram: ₹1,72,000 (down ₹13,000)​

This represents the second consecutive day of decline for silver, which is unusual during the traditionally high-demand festive period.​

City-Wise Silver Prices Today

Regional price variations reflect local demand, taxes, and dealer premiums​

MCX Futures Market Performance

The Multi Commodity Exchange (MCX) showed contrasting movements for both metals on Friday:​

Gold Futures:

• December 2025 contract closed at ₹1,27,320 per 10 grams

• Gained ₹312 or 0.25% for the day

• Hit a new lifetime high of ₹1,32,294 during the session​

Silver Futures:

• December 2025 contract ended at ₹1,57,300 per kilogram

• Rose ₹696 or 0.44% despite retail price decline

• Witnessed the biggest intraday correction in MCX history, dropping 16,715 points from session high to low​

• Reached an all-time high of ₹1,70,415 before sharp correction​

International Precious Metals Market

Global precious metals showed significant volatility on October 17, 2025:​

International Gold:

• Spot gold: $4,250.80 per ounce (down $74.50 or 1.72%)

• Trading range: $4,186.50 – $4,380.10​

• Year-to-date gain: approximately 63%​

International Silver:

• Spot silver: $51.86 per ounce (down $2.25 or 4.16%)

• Trading range: $50.57 – $54.52​

• Year-to-date gain: exceeds 78%​

• Hit all-time high of $54.47 before correction​

Market Drivers and Analysis

Several factors are influencing precious metal prices on this auspicious day:

Supporting Factors:

• Festive Demand: Traditional Dhanteras buying provides underlying support​

• Global Uncertainties: US government shutdown extending into 17th day​

• Safe-Haven Appeal: International trade tensions and geopolitical concerns​

• Central Bank Buying: Accumulations exceeding 350 tonnes globally​

• ETF Inflows: Unprecedented inflows exceeding $75 billion​

Pressure Points:

• Profit Booking: After recent record-breaking rally​

• Reduced Safe-Haven Demand: Easing of some market anxieties​

• Rising Bond Yields: Pressuring non-yielding assets​

• Dollar Strength: Impacting international prices​

Silver’s Industrial Demand Story

Despite the correction, silver’s long-term outlook remains robust due to industrial applications:​

• Price Journey: Rose from $24 to approximately $47 per ounce from November 2022 to October 2025

• Industrial Applications: Solar panels, electronics, electric mobility, and 5G infrastructure

• Supply Deficit: Estimated at 390 million ounces from intensified industrial demand​

• Expert Forecast: Analysts predict silver could cross $50 per ounce driven by industrial demand​

October 2025 Performance Summary

Silver Price Movement in October 2025:

• October 1 rate: ₹1,51,000 per kg

• October 18 rate: ₹1,72,000 per kg

• Highest rate: ₹1,90,000 on October 15

• Overall performance: Rising

• Monthly change: +22.45%​

Gold Performance:

• Continued upward trajectory throughout October

• Multiple record highs achieved

• Strong festive season demand sustaining prices

Outlook for Festive Season

Despite today’s mixed signals, industry experts remain optimistic about precious metals demand during the festive season:​

Positive Indicators:

• Increased Household Liquidity: GST reforms, pay commission arrears, and easing inflation boosting discretionary spending​

• Cultural Significance: Deep-rooted tradition of gold and silver purchases during Diwali​

• Long-term Hedge: Continued preference for precious metals as inflation hedge​

Challenges:

• Price Sensitivity: Record high prices may moderate some demand​

• Affordability Concerns: Buyers exercising more careful planning​

Investment Perspective

Financial advisors suggest that while prices remain elevated, the cultural and traditional significance of Dhanteras purchases, combined with long-term wealth preservation benefits, continue to attract buyers.​

Key Considerations for Buyers:

• Timing: Current correction in silver may offer buying opportunity​

• Quality: Ensure BIS hallmark certification for gold purchases​

• Budget Planning: Factor in making charges and GST (3% on gold, 5% on silver)​

• Purpose: Distinguish between investment and jewelry purchases​

Dhanteras 2025 presents a complex scenario for precious metal buyers. While gold continues to command premium prices near record levels, offering limited relief from recent peaks, silver’s sharp correction may provide a more attractive entry point for investors and traditional buyers alike.

The contrasting movements in retail and futures markets highlight the underlying strength of precious metals despite short-term volatility. As millions celebrate this auspicious day, the enduring appeal of gold and silver as stores of value and symbols of prosperity remains intact, even as buyers navigate the highest price levels in history.

With the festive season just beginning, market participants will closely watch whether traditional demand can sustain these elevated price levels or if further corrections provide more accessible buying opportunities for the broader population.