Gold Rate in India Above Rs 1.3 Lakh, Will Diwali Week Bring Price Boom Or Correction? 20-24 Oct Outlook

Gold Rate in India: The price of gold in India remained stable on Sunday, a day after witnessing a steep correction on Dhanteras. The price correction remained intact on Sunday, giving retail gold jewellery buyers some window to make purchases before Diwali. As the price of the precious metal cooled off, all eyes will be on the gold and silver price movement next week, from October 20 to October 24.

Gold prices have surged nearly more than 60% since the beginning of the year 2025, which is way more than the average surge of 30% on a yearly basis. The sharp surge, according to experts, can be followed by minor price consolidation. Experts decode, whether the Diwali week will mark the price correction phase for gold or begin another gold and silver prices rally.

Gold Rate in India

Gold rate in India remained stable on Sunday. The price of 24 karat gold stood at Rs 1,30,860 per 10 grams on Sunday, October 19. Likewise, the rate of 22 karat gold in India stood at Rs 1,19,950 per 10 gram. Similarly, the price of 18 karat gold in India increased by Rs 98,140 per 10 gram.

Silver Rate in India

The price of silver in India has increased significantly since the beginning of the year. Strong industrial demand and attractive valuations have fuelled the silver price rally and helped the metal outpace gold. Silver rate in India stood at Rs 172 per gram and at Rs 1,72,000 per kilogram.

Gold, Silver MCX

Gold futures with a December expiry surged to an all-time high last week; however, the commodity on MCX closed at Rs 1,27,008 per 10 gram. Whereas, gold futures with November expiry closed at Rs 1,25,951 per 10 grams. Silver futures with December expiry closed at Rs 1,56,604 per kilogram on Friday.

Gold Price Weekly Outlook

Before the gold price correction on Dhanteras, the gold price touched record-high mark last week. The international gold rates also touched an all-time high mark of $4,379 per ounce. The sharp surge has already surpassed the immediate price target set by some experts and they believe ther could be some price correction soon.

"Gold has now reached our second target of USD 4200 (USD 3700 Prior Target from May 2024) much faster than anticipated. China's continued buying, which was anticipated to be weaker in September but turned out to be wrong, has reignited confidence on the yellow metal and its long term trajectory," noted Sandip Raichura, CEO - Retail Broking & Distribution and Director at PL Capital on October 15.

The surge in gold prices is fuelled by boosted demand for ETF, continued buying by reserve bank, geopolitical uncertainty and stock market volatility.

"Whether this is a temporary bubble or a longer term fundamental shift in the international monetary order is difficult to ascertain hence its important to keep in mind that corrections may happen at any stage in what could be the start of a historical move in the metal.A move below 3950 would violate the near term bullish view seriously and profit booking may emerge," the expert added.

Meanwhile, despite the sharp surge in gold rates, there could be continued strong buying of gold and silver during the Diwali week due to festive season.