Gold prices held at elevated levels on Diwali eve as shoppers across India prepared for the festival of lights, with the yellow metal trading well above last year’s Dhanteras levels despite a sharp fall on the previous day. The rates quoted here are reported wholesale bullion-market reference rates, and jewellery bills in shops will run higher once GST and making charges are added. No rate quoted here should be taken as the exact retail price in every city.
On Saturday, 7 November 2026, with Diwali falling on Sunday, 8 November, 24-karat gold was about 14,669 rupees per gram, or about 1,46,686 rupees per 10 grams, on the All India Bullion Zaveri Bazar reference rate from Mumbai, updated at 08:02 IST. Twenty-two-karat gold, the purity most commonly used for jewellery, was about 13,436 rupees per gram. Silver of 999 purity was about 1,91,184 rupees per kilogram on the same reference rate.
The figures follow a volatile Dhanteras, which fell on Friday, 6 November. On that day, 24-karat gold fell sharply, with GoodReturns quoting 1,43,460 rupees per 10 grams at 11:39 in the morning, a fall of 2,560 rupees. On the Multi Commodity Exchange, December gold futures fell about 1.35 per cent to 1,42,153 rupees, while silver futures fell about 1.24 to 1.65 per cent to around 1,84,815 rupees per kilogram. Spot gold slipped below 4,050 dollars an ounce on Friday, after crossing 4,100 dollars a day earlier.
The pullback came after a remarkable run. Gold touched a record 1,83,000 rupees per 10 grams on 29 January 2026, and current prices remain about 19 per cent below that peak. Yet even after the recent correction, gold is still well above Dhanteras last year, when it stood at 1,32,400 rupees per 10 grams. For buyers who remember last Diwali, the metal has become markedly more expensive in the space of a year, and that has changed the arithmetic of festive shopping.
In Delhi, 24-karat gold was quoted at 1,48,800 rupees per 10 grams inclusive of taxes on 5 November, a reminder that prices vary from city to city and that tax treatment makes a real difference to what a buyer actually pays. The Mumbai reference rate and the Delhi quote are not directly comparable, but together they show a market in which gold remains firmly in six figures per 10 grams across the country.
Jewellers nevertheless expected festive buying to stay strong through the weekend. The Gem and Jewellery Council noted that Dhanteras falling at the start of the month could support purchases, since consumers have salaries in hand and are more willing to commit to a large purchase. For many families, buying gold on Dhanteras and Diwali is a tradition as much as an investment, and a price correction of a few thousand rupees is unlikely to break a habit built over generations.
For buyers heading to the shops this Diwali, the practical advice is unchanged. Check the day’s reference rate before buying, confirm the purity and weight on the bill, and remember that the quoted wholesale rate is only the starting point. GST and making charges are added on top, and they can add a substantial sum to the final bill, particularly on intricate designs. With gold still far above last year’s levels, knowing exactly what is included in the price matters more than ever.
