Gold prices in Kolkata scaled new peaks on Friday, ahead of Dhanteras, extending their record-breaking run as festive demand, global cues, and investor optimism fuelled a fresh surge. India, which imports most of its gold, continues to see strong appetite despite historically high rates.
In Kolkata, 22-karat gold was priced at Rs 12,170 per gram, while 24-karat gold stood at Rs 13,277 per gram. Jewellers across the city reported heavy footfall as buyers looked to make purchases before the auspicious occasion of Dhanteras. Retailers said that even though prices are steep, demand remains steady, driven by the belief that buying gold during this period brings prosperity.
Domestic prices tend to be higher than international benchmarks because of import duties, GST, and state-level charges. These levies often make gold jewellery more expensive for consumers, yet the festive spirit usually outweighs price concerns.
Global Trends and Outlook
Gold prices globally have rallied by more than 50 per cent in 2025, breaching the $4,000 per ounce mark and setting over 35 new records. Analysts from Motilal Oswal Financial Services Ltd (MOFSL) expect the rally to continue, projecting international prices to rise further towards $4,500 per ounce, supported by robust central bank purchases and ongoing geopolitical risks.
“Gold’s stellar rally reflects a confluence of macro shifts, from fiscal uncertainty and a softer dollar to strategic diversification by central banks. Asia is emerging as the epicentre of this new monetary alignment,” said Manav Modi, Analyst, Commodities & Currencies, MOFSL.
In the domestic market, gold touched Rs 1.20 lakh per 10 grams last week and could advance to Rs 1.35 lakh if the rupee-dollar exchange rate remains around 89. Central banks worldwide bought around 600 tonnes of gold in the first nine months of 2025, while gold ETFs added 450 tonnes, indicating sustained institutional interest.
Silver has also shone this year, gaining over 60 per cent so far, driven by strong industrial demand in sectors like solar energy, electric vehicles, and advanced manufacturing. MOFSL said the gold-silver ratio has narrowed to around 81 from 110 earlier in the year, signalling silver’s growing strength.
As Dhanteras nears, jewellers in Kolkata expect a busy weekend. Despite record prices, cultural sentiment, rising incomes, and gold’s appeal as a long-term store of value continue to drive demand. The brokerage added that short-term corrections are possible, but overall momentum in the precious metals market remains firmly upward.
