Gold Rates Are Dearer In India; Will RBI Meet, Dussehra Take Gold At Fresh Highs? Sept-29 To Oct-3 Outlook

Gold rates in India have continued to be dearer so far in September 2025. After a brief decline, gold prices picked up momentum in the past two consecutive days, rising by Rs 10,400 in 24 carat of 100 grams and up by Rs 1,040 in 10 grams of the same carat. Now, gold rates are near their record highs and have gained by over 9% in the month. Silver rates in India, meanwhile, are at their new record highs and surged by over 18.2%. Silver has outperformed gold across markets.

The next trading week will be packed with a host of factors. Firstly, RBI will announce its rates decision for October policy on October 1st, where market is factoring a status quo in repo rate. Secondly, the festival Navratri will end on October 2nd with Vijayadashami. So far the festive demand has only lightened up gold rates. Will these factors along with global trends push gold to new peaks in the week ahead?

Gold Rates In India:

At present, 10 gram gold prices are at R 1,15,480 in 24 carat, at Rs 1,05,850 in 22 carat, and at Rs 86,610 in 18 carat. 100 grams gold prices stood at Rs 11,54,800 in 24 carat, at Rs 10,58,500 in 22 carat and at Rs 8,66,100 in 18 carat.

The price of 100 grams gold in 24 carat surged by Rs 6,000 on September 27th and was up by Rs 4,400 on September 26th. In these two days, this gold rate skyrocketed by Rs 10,400.

Overall, gold prices are up by over 9% in September 2025.

Silver Rates In India:

The price of 1kg silver is now flirting to hit Rs 1,50,000 mark for the first time. As of September 27, 1Kg silver is at Rs 1,49,000, which is the current all-time high. The 100 grams and 10 grams silver is available at Rs 14,900 and Rs 1,490 respectively.

Silver has outperformed gold with gains of a whopping 18.3% in the month.

MCX Gold Price + MCX Silver Price

At MCX, gold futures witnessed a volatile performance. The MCX gold futures with October 2025 expiry, closed lower by Rs 22 to Rs 1,13,766 per 10 grams. While MCX gold with December expiry, neared its record high of Rs 1,15,139 per 10 grams, by closing at Rs 1,15,074 per 10 grams which was up by Rs 18 in the single-day.

On the contrary, MCX silver price with December 2025 expiry, hit a new record high of Rs 1,42,189 per 1Kg on Friday, before closing at Rs 1,42,147 per 1Kg that was up by Rs 258 from previous day.

Spot Gold Price + Spot Silver Price

Spot Gold remained above $3,750 per ounce on Friday, near the record-high of $3,790 despite the rebound for the dollar and Treasury yields as demand for safety offset the outlook of a less-dovish Federal Reserve, as per Trading Economics. Meanwhile, Spot Silver rose past $45 per ounce on Friday to 14 year highs as expectations of lower real interest rates and tightening physical availability collided.

During the current week, gold was up by 3% and silver rates jumped over 5%.

Gold & Silver Prices In India Outlook From September 29 To October 3rd:

As per the weekly outlook report of SMC Global Securities, gold prices rallied nearly 3% on a weekly basis, while silver outperformed with gains of 5.36%. The gold-silver ratio declined to 83.61 from 85.52, indicating that silver outperformed gold and may signal a short-term rotation into industrial metals.

Furthermore, the brokers note pointed out, strong physical metal demand supported gold, with year-to-date ETF inflows reaching roughly $50 billion. Safe-haven buying also contributed amid geopolitical tensions, as NATO described Russia's airspace violation over Estonia as part of a broader pattern of aggression, warning it would deploy "all necessary measures" to defend members.

On the macro front, new applications for unemployment benefits fell last week, and Q2 GDP growth was revised higher at 3.8%, driven by strong consumer spending and business investment. Market expectations for a Fed rate cut next month fell to 85% from 90% prior to the jobs data.

It said, "Gold's safe-haven appeal was further reinforced by fresh US tariff threats, including plans to impose tariffs from October 1 on imported branded drugs, heavy-duty trucks, kitchen cabinets, and upholstered furniture. Meanwhile, silver hit a 14-year high, supported by firmer industrial demand and tighter physical availability."

Additionally, demand from photovoltaic panels and electronics, where silver is difficult to substitute, strengthened near-term consumption. Supply constraints, as most silver is a by-product of base-metal mining, along with smelter and processing disruptions, limited prompt deliverability and pushed premiums higher.

On Comex, SMC's note said, "gold is finding support near $3,750 and resistance around $3,825; a breakout in either direction will define the next trend. Silver may trade in a $41-$46.50 range.. On MCX, gold is expected between Rs 108,600- Rs 115,000, and silver between Rs 129,500-Rs 142,000. The declining ratio implies silver is currently stronger relative to gold, hinting at short-term industrial metal momentum."

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