Gold prices remained strong on Dhanteras, October 18, even after a notable correction in global markets following comments from U.S. President Donald Trump, who suggested that his proposed 100% tariffs on China would be unsustainable.
After scaling a new record high above $4,300 per ounce, gold prices slipped more than 2% on Thursday. Spot gold declined 2.6% to $4,211.48 per ounce at 1:38 p.m. ET (1738 GMT), while U.S. gold futures for December delivery settled 2.1% lower at $4,213.30.
Despite the global retreat, domestic prices in India stayed near record levels as the country celebrated Dhanteras — an auspicious day for gold purchases. Since markets are closed for the weekend, trading will resume on Monday, October 20.
Gold, Silver Continue to Shine as Safe Havens
Analysts maintain that both gold and silver remain reliable “safe haven” assets amid heightened global uncertainties and investor risk aversion. Over the past two decades (2005–2025), gold prices have surged nearly 1,200%, rising from ₹7,638 per 10 grams to over ₹1,00,000 this year.
So far in 2025, gold has gained 31% year-to-date, cementing its position among the top-performing assets. Silver, too, has shown resilience, holding above the ₹1 lakh/kg mark in recent months and gaining around 669% over the past 20 years.
Gold and Silver Prices in India — October 18
According to the Indian Bullion Association (IBA), the MCX gold index stood at ₹1,27,320 per 10 grams at 8 a.m. on October 18. Silver was priced at ₹1,57,300 per kg (Silver 999 Fine).
| City | Gold (24K) | Gold (22K) | Silver (per kg) |
|---|---|---|---|
| Mumbai | ₹1,27,320/10 gm | ₹1,16,710/10 gm | ₹1,57,300 |
| Delhi | ₹1,27,100/10 gm | ₹1,16,710/10 gm | ₹1,57,030 |
| Kolkata | ₹1,27,150/10 gm | ₹1,16,710/10 gm | ₹1,57,090 |
| Bengaluru | ₹1,27,420/10 gm | ₹1,16,710/10 gm | ₹1,57,420 |
| Hyderabad | ₹1,27,520/10 gm | ₹1,16,710/10 gm | ₹1,57,550 |
| Chennai | ₹1,27,690/10 gm | ₹1,16,710/10 gm | ₹1,57,760 |
Note: Retail gold and silver prices may vary depending on jewellers’ making charges, GST, and other local factors.
Outlook
Experts believe the outlook for precious metals remains positive, supported by economic uncertainty, geopolitical tensions, and central banks’ continued interest in gold reserves. While short-term corrections may occur, the long-term trend points toward sustained investor demand.