Gold Rate in India Rises 7th Week: Will Gold, Silver Rally Before Karwa Chauth, Diwali? 6-10 Oct Outlook

Gold Rate in India: A combination of factors, including the US government shutdown, hopes of a US Fed rate cut, and strong gold ETF inflows, came into play to drive gold prices higher for the seventh consecutive week. Investors are now watching closely to see if gold and silver prices in India will extend their rally during October 6-10.

Upcoming festivals like Karwa Chauth on October 10, Diwali on October 20, may boost the demand for gold and silver jewellery in India. Strong demand for the precious metals may support their stronger valuations.

Gold Rate in India

The price of gold remained stable on Sunday, October 5. 24 karat gold rate in India stood at Rs 11,940 per gram. Likewise, the price of 22 karat gold in India stood at Rs 10,945 oer gram. 18 karat gold rate in India was recorded at Rs 8,955 per gram today.

Gold prices in India witnessed record surge in the last seven days as investors continued to purchase the precious metal amid heightened geopolitical uncertainty and trade tensions. Meanwhile, Indian gold jewellery buyers also fuelled the demand due to festive buying spirit.

"U.S. government shutdown, weaker labor market data, and ongoing political deadlock have strengthened the case for rate cuts, with traders now pricing in above 50% probability for a 25 bps cut in October and December. Physical demand for gold remained mixed, with softness in China offset by steady buying in other Asian markets, anticipating further price gains. SPDR holdings reflected investor interest, rising notably over last week. Gold and Silver both experienced some profit booking however, those dips were used as a buying opportunity for reaching further peaks. On the data front, U.S," explained Manav Modi, Analyst, Precious Metal -Research, Motilal Oswal Financial Services Ltd.

Silver Rate in India

Akin to gold, silver rates in India also continued to rise due to strong industrial demand and the metal's attractive price valuations. The price of silver in India stood at Rs 155 per gram and Rs 1,55,000 per kilogram on Sunday, October 5. Silver rates also hit their record high mark on MCX.

Gold Price Outlook

Strong gold demand by central bank, robust ETF inflows, and persistent geopolitical uncertainty amid trade tensions are likely to fuel gold price rally next week, according to SMC Global Securities Limited.

"Gold is expected to maintain an upward bias with a projected trading range of Rs. 1,13,800-Rs. 1,20,400, while silver is likely to remain supported between Rs. 1,36,500-Rs. 1,47,700," as per SMC Global Securities Report.

Gold Rate Comex

Gold rate surged to $3,875 per ounce on Friday, inching closer to regain its all-time high mark of $3,897 per ounce, according to Trading Economics. "On technical levels, Comex gold faces resistance near $3,930 and support around $3,760; a decisive break on either side could define the next trend. Silver may trade in the range of $44.60-$48.40 with a positive bias," noted SMC Global Securities.

Gold Price Weekly Outlook

Being in overbought territory, gold rate in India may see some short-term corrections due to profit booking, but long-term outlook will remain bullish, according to Ross Maxwell, Global Strategy Lead at VT Markets.

"The positive argument for gold is further supported by central bank purchases, rising exchange-traded fund (ETF) inflows, and persistent geopolitical worries. The $4,000 level might act as a psychological barrier, but the long-term trend is still positive as long as the fundamental factors don't alter," explained Maxwell.

"Gold prices remain close to record highs, driven by strong demand amid the ongoing U.S. government shutdown, which has delayed the release of key economic data. Despite a nearly 50% rally in 2025 so far, investors continue to favour gold as uncertainty lingers. Looking ahead to next week, much will depend on whether lawmakers can resolve the shutdown and allow critical reports like the non-farm payrolls to be published," stated Aksha Kamboj, Vice President - India Bullion and Jewellers Association and Executive Chairperson - Aspect Global Ventures.

Silver Price Weekly Outlook

Silver also followed gold price trend as it witnessed strong rally last week. Silver rate hit a historic high of Rs 1,45,000 per kilogram on MCX. On global front, silver rate slipped below $47 per ounce on Friday, according to Trading Economics. Commenting on gold, silver outlook on MCX, SMC Global Securities, mentioned, "Gold & Silver are likely to trade in a range of 114000-12000 and 137000- 150000 respectively."

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.