Gold Rates In India Hit Pause After Rs 57,300 Jump: 24K, 22K, 18K Gold Prices On Oct-16; Buy Before Dhanteras?

Gold rates in India hit pause on October 16, for the first time this week. This comes after 24 carat, 22 carat and 18 carat gold rates faced relentless record rallies and touched fresh lifetime highs. Prior to the pause, 100 grams and 10 grams gold prices skyrocketed by an impressive Rs 57,300 and Rs 5,730 in 24 carat in past five days. On the other hand, silver rates fall sharply, halting its three consecutive days winning streak. Will gold and silver pick up momentum ahead, will be keenly watched. However, demand for precious metals are expected to be high during Dhanteras which is just around the corner.

Should you wait for Dhanteras to buy precious metals, or is the time right to invest? Will gold and silver prices become cheaper for Diwali cheer? Let's find out!

Gold Rates In India:

24 Carat Gold Prices:

10 grams gold price is unchanged to Rs 1,29,440 and 100 grams gold rate is at Rs 12,94,400 on October 16th. Despite the latest performance, gold rates are at their all-time high levels.

Earlier, 100 grams gold price skyrocketed by Rs 10,900 and Rs 29,500 on October 15th and October 14th. Meanwhile, gold price was up by Rs 3,200 on October 13th. The price was unchanged on October 12th due to Sunday, but was up by Rs 13,700 on October 11th. During these five days, 24 carat gold is up by Rs 57,300 in 100 grams and up by Rs 5,730 in 10 grams.

22 Carat Gold Prices:

The 10 grams and 100 grams gold rates in 22 carat are at Rs 1,18,650 and Rs 11,86,500.

18 Carat Gold Prices:

Under 18 carat, the prices of 10 grams and 100 grams gold stood unchanged at Rs 97,080 and Rs 9,70,800 respectively.

Check Gold Prices In Major Cities:

Gold Rates In Chennai:

Gold Rates In Bengaluru:

Gold Rates In Hyderabad:

Gold Rates In Mumbai:

Gold Rates In Delhi:

"Gold prices remain elevated at record levels, driven by expectations of more interest rate cuts from the U.S. Federal Reserve and ongoing tensions between the U.S. and China," said Darshan Desai, CEO - Aspect Bullion & Refinery.

Silver Rates In India:

On October 16th, 1Kg silver price corrected to Rs 1,89,000, down by Rs 1,000. This comes after 1Kg silver rates rallied by Rs 1,000 on October 15, by Rs 4,000 on October 14th, and by whopping Rs 5,000 on October 13th. The all-time high level of silver is Rs 1,90,000 that was touched yesterday.

MCX Gold Price + MCX Silver Price

On Thursday, after touching a new lifetime high of Rs 1,28,395 per 10 grams in early deals of October 16th, MCX gold price futures with December 2025 expiry, is trading currently at Rs 1,27,925 per 10 grams which is up by Rs 715 or 0.6% from previous session.

Similarly, MCX silver rate with December 2025 expiry, hit new historic high of Rs 1,64,660 per 1kg in early trade. Currently, silver futures is trading at Rs 1,63,650 per 1kg, up by Rs 1,440 or 0.9%.

BUY Gold & Silver Now Or Wait Till Dhanteras?

As per Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions, ahead of Diwali and Dhanteras, investor sentiment remains bullish, with expectations that U.S. rate cuts, a softer dollar, and persistent geopolitical tensions will continue to support gold. In India, festive and wedding demand will add a seasonal push, though high prices may prompt lighter purchases or a shift toward digital and ETF formats. Overall, gold's outlook remains firmly positive, with dips likely to be viewed as fresh buying opportunities amid global economic fragility.

On MCX gold, analysts at Nirmal Bang said, "gold prices are expected to rise. Traders can buy at 127500 with a stop loss of 127000 for the target at 128000-128500."

For silver, analysts added, "silver prices are expected to rise. One can buy at 161000 with a stop loss of 159500 for the target 162800-164000."

Gold Prices & Silver Prices Outlook:

According to Rahul Kalantri, VP Commodities, Mehta Equities, gold and silver prices extended their rally to fresh highs as expectations grew for an imminent Federal Reserve rate cut following Chair Jerome Powell's remarks on labor market softness. The prospect of lower interest rates and a weaker dollar enhanced gold's attractiveness as a safe-haven asset. Meanwhile, rising US-China trade frictions over rare earth exports and potential US countermeasures added geopolitical uncertainty, while the ongoing government shutdown continued to weigh on investor sentiment and the broader economic outlook.

Looking ahead, Kalantri said, "Gold has support at $4170-4140 while resistance at $4255-4270. Silver has support at $52.60-51.90 while resistance is at $53.35-53.80. In INR gold has support at Rs1,26,470-1,25,580 while resistance at Rs1,27,850-1,28,500. Silver has support at Rs1,60,950-1,59,150 while resistance at Rs1,63,850, 1,64,950."

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