India's gold market is entering the Dhanteras season with October prices moving in a narrow range, while a jeweler told Hindustan Times he expects prices to climb after the festival. Dhanteras is a traditional gold-buying occasion at the start of Diwali.
The World Gold Council's Oct. 20 India update said gold prices had stayed within a range in October after a September decline. Its data showed the domestic discount to import parity narrowing from a September average of $66 per troy ounce to $8 per troy ounce as of Oct. 16. The council said the smaller gap was consistent with enough gold being available in India. The update described market conditions; it did not assess a Dhanteras price peak.
Hindustan Times reported weekend local quotes below its Friday figures, listing gold at ₹150,700 per 10 grams and silver at ₹218,000 per kilogram. The newspaper did not specify the quotes' purity, location or time. Chowk Sarafa Association senior vice-president Adesh Kumar Jain told the newspaper prices could rise after Dhanteras even without a large increase beforehand.
The India Bullion and Jewellers Association (IBJA) listed Oct. 19 closing benchmarks of ₹145,944 per 10 grams for 999-purity gold and ₹208,750 per kilogram for 999-purity silver. The rates exclude the 3% goods and services tax and making charges. The two sets of quotes cannot be compared directly because their price bases are not established.
The World Gold Council described seasonal demand as improving in October. It said retailers were replenishing inventory and jewelers were offering lighter designs and incentives to exchange old gold. Elevated prices may still limit how much jewelry households purchase, the council said.
In a review of 2022, the council said relatively stable prices before Dhanteras supported sales of jewelry, bars and coins that year. That episode does not establish a recurring price pattern. Dhanteras falls on Nov. 6, 2026.
