Gold Rates In India Continue Sky-High Rally On Oct-8; Check 24K, 22K, 18K Gold Prices; Buy Before Karva Chauth

Gold rates in India are in a stubborn and extraordinary sky-high rally, hitting back-to-back new historic highs. Tracking international gold prices' fresh milestone of $4,000, gold prices in India recorded a massive jump on October 8, with 24 carat gold crossing the Rs 123,000 mark for the first time. At MCX, 10 grams of gold touched a new peak of Rs 122,740. However, silver prices are unchanged. The winning streak in precious metals continues in the past five days, with the price of 100 grams of 24 carat skyrocketing by Rs 46,400. Is it the right time to buy gold before upcoming festivals like Karva Chauth?

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On October 8th, gold prices in India rose by Rs 86 to Rs 11,500, hitting yet another new record high.

10 Grams Gold Prices:

The benchmark 10 grams gold price rose by Rs 1,150 in 24 carat to Rs 123,170 on October 8th, followed by an upside of Rs 1,050 to Rs 112,900 in 22 carat. While 10 grams gold price zoomed by Rs 860 to Rs 92,380 in 18 carat.

100 Grams Gold Prices:

Under 24 carat, 100 grams gold price skyrocketed by a whopping Rs 11,500 to Rs 1,231,700 on October 8th. It needs to be noted that the 100 grams gold price of the same carat was up by Rs 12,500 on October 7th, by Rs 13,700 on October 6th, and higher by Rs 8,700 on October 4th. The price was unchanged on October 5th. From October 5th to 8th, 100 grams of gold zoomed by Rs 46,400.

Additionally, on Wednesday, 100 grams of gold rates have advanced by Rs 10,500 to Rs 1,129,000 in 22 carat and up by Rs 8,600 to Rs 923,800 in 18 carat.

1 Gram Gold Price + 8 Grams Gold Price

The cheapest gold rate is at Rs 12,317 per 1 gram in 24 carat, up by Rs 115 on October 8th. While the 22 carat gold rate surged by Rs 105 to Rs 11,290 per 1 gram, and 18 carat gold is up by Rs 86 to Rs 9,238 per 1 gram.

Coming to 8 grams of gold, the prices soared by Rs 920 to Rs 98,536 in 24 carat, climbed by Rs 840 to Rs 90,320 in 22 carat, and are higher by Rs 688 to Rs 73,904 in 18 carat.

These all prices are at new lifetime highs. Notably, gold rates in India continued their robust bullish performance despite the US dollar index hitting its highest level in 2 months at 99, ahead of the Fed meeting minutes and concerns of economic fallout.

Silver Rates In India:

Unlike the strong rally in gold, the prices of silver in India were unchanged on October 8th but have stayed firm at their record highs. The 1 kg Silver rate in India is at Rs 157,000. Silver prices in 100 grams and 10 grams stood at Rs 15,700 and Rs 1,570 respectively. The cheapest silver is at Rs 157 per 1 gram.

MCX Gold Price + MCX Silver Price

At the time of writing, the MCX gold price zoomed by Rs 1,464 or 1.21%, to Rs 122,575 per 10 grams. This bullion is for December 2025 expiry. In the early trade, gold touched its new all-time high of Rs 122,740 per 10 grams.

Meantime, the MCX silver price also followed the bullish trend by hitting a new lifetime high of Rs 148,724 per 1 kg. Now, MCX silver with December 2025 expiry is trading near its record at Rs 147,853 per 1 kg, up by Rs 2061 or 1.41%.

What Is Impacting Gold & Silver Prices?

According to Rahul Kalantri, VP Commodities, Mehta Equities, gold prices surged past $4,000 per ounce as investors sought safe-haven assets amid mounting global uncertainties. The US government shutdown, political turmoil in the France, economic worries in the Japan and Argentina, and escalation in the Russia-Ukraine war are supporting safe-haven buying for precious metals.

Gold & Silver Prices Outlook Before Karva Chauth:

Karva Chauth is yet another festival that is expected to boost precious metals demand. The festival will be celebrated widely in India on October 10.

Looking ahead, Kalantri said, "Gold has support at $3950-3920 while resistance at $4020-4045. Silver has support at $47.70-47.40 while resistance is at $48.50-48.90. In INR gold has support at Rs1,20,600-1,20,280 while resistance at Rs1,21,850-1,22,400. Silver has support at Rs1,44,450-1,43,850 while resistance at Rs1,46,550, 1,47,450."

Should You BUY Or Book Prices In Gold & Silver?

Traders can continue to buy gold and silver in India due to their positive fundamentals and outlook.

In their technical report dated October 8th, analysts at Nirmal Bang said, "Gold prices are expected to rise. Traders can buy at 121300 with a stop loss of 120900 for the target at 121800-122300."

For silver, the analysts said, "silver prices are expected to rise. One can buy at 147000 with a stop loss of 145500 for the target 149500-151000.''

Spot Gold Price + Spot Silver Price

Spot Gold price surpassed $4,000 per ounce on Wednesday, reaching a fresh milestone as investors fled to safety amid global economic uncertainties and a dovish Federal Reserve outlook. The US government shutdown, now in its second week, has delayed key economic data, complicating assessments of the country's economic health. Despite this uncertainty, traders are pricing in 25-basis-point rate cuts in October and December, as per Trading Economics.

Spot Silver price also jumped to $48 per ounce amidst global uncertainties and is approaching its 14-years high.

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