Amid the ongoing festive season, Gold and silver prices extended their rally to new highs on Thursday, buoyed by growing expectations of an imminent US Federal Reserve rate cut after Chair Jerome Powell hinted at softness in the American labour market.
In Mumbai, 24-carat gold climbed to Rs 1,29,450 per 10 grams, while 22-carat gold traded at Rs 1,18,660 per 10 grams, according to data compiled from major jewellers. Prices exclude GST and making charges. Silver also surged, reaching Rs 1,89,000 per kilogram. In the international market, spot gold rose 0.61% to $4,234.9 per ounce (as of 23:24 GMT), lifted by a weaker US dollar and lower Treasury yields.
Gold Prices Across Key Indian Cities (October 16, 2025)
22-Carat Gold (per 10 grams)
Delhi – Rs 1,18,810
Jaipur – Rs 1,18,810
Ahmedabad – Rs 1,18,710
Pune – Rs 1,18,660
Mumbai – Rs 1,18,660
Hyderabad – Rs 1,18,660
Chennai – Rs 1,18,660
Bengaluru – Rs 1,18,660
Kolkata – Rs 1,18,660
24-Carat Gold (per 10 grams)
Delhi – Rs 1,29,600
Jaipur – Rs 1,29,600
Ahmedabad – Rs 1,29,500
Pune – Rs 1,29,450
Mumbai – Rs 1,29,450
Hyderabad – Rs 1,29,450
Chennai – Rs 1,29,450
Bengaluru – Rs 1,29,450
Kolkata – Rs 1,29,450
Silver Could Soar 20% in a Year: Emkay Report
A new report by Emkay Wealth Management projects silver prices could climb to $60 per ounce within a year, a potential 20% upside, driven by rising industrial demand and a persistent 20% supply deficit. The firm noted that gold has delivered a 61.8% return year-to-date, far outperforming Indian equities (4.2%) and bonds (8.4%). Analysts expect the upcoming Fed rate cuts to weaken the dollar, adding more shine to precious metals.
