Precious metals surged sharply in the domestic market on Monday, September 30, with gold prices climbing by ₹1,400 and silver hitting a record high. Investors rushed to safe-haven assets amid global economic uncertainty, sending bullion rates soaring across major Indian cities.
Gold Surges Across India
On the Multi Commodity Exchange (MCX), gold futures for October delivery traded near ₹63,500 per 10 grams, up ₹1,400 from the previous session. The rise marks one of the steepest single-day gains in recent months.
In retail markets, 22-carat gold crossed ₹58,300 per 10 grams, while 24-carat touched ₹63,700 in several metros. Demand picked up ahead of the festive season, adding to global cues.
Silver Hits Historic Peak
Silver led the rally, reaching an unprecedented ₹83,500 per kg in Delhi, Mumbai, and Ahmedabad. Traders attributed the spike to strong industrial demand and tightening global supply. Analysts noted that silver’s rise has outpaced gold this month, with prices climbing over 12% in September alone.
City-Wise Gold and Silver Rates (September 30, 2025)
- Delhi: Gold ₹63,700 (24k, 10g); Silver ₹83,500/kg
- Mumbai: Gold ₹63,550; Silver ₹83,300/kg
- Chennai: Gold ₹64,100; Silver ₹83,900/kg
- Kolkata: Gold ₹63,600; Silver ₹83,400/kg
- Bengaluru: Gold ₹63,450; Silver ₹83,200/kg
- Hyderabad: Gold ₹63,500; Silver ₹83,250/kg
- Ahmedabad: Gold ₹63,550; Silver ₹83,350/kg
Why the Surge?
- Global Economic Concerns: Renewed fears of a slowdown in the US and Europe have strengthened safe-haven demand.
- Weakening Dollar: The US dollar index slipped to a two-week low, making gold cheaper for overseas buyers.
- Festive Demand in India: With Navratri and Diwali approaching, jewellers are witnessing strong pre-bookings.
- Silver’s Industrial Use: Rising demand in solar and electronics sectors has added momentum to silver prices.
Market Expert Views
Commodity analysts believe gold could test ₹64,500 if the current momentum continues. Silver, already at record highs, may climb further towards ₹85,000 if supply tightness persists.
“Investors are shifting towards bullion as equities show volatility. With central banks continuing to buy gold, the long-term outlook remains bullish,” said a senior commodity expert.
Impact on Consumers
For households planning weddings or festive purchases, the price jump could increase jewellery costs. Some jewellers, however, expect buyers to advance purchases before rates climb further.
