India gold prices rise as festive buying nears

The day’s increase was not limited to jewellery gold. Pure 24-carat gold was quoted at Rs 14,956 a gram, or Rs 1,19,648 for 8 grams, while prices across major cities were broadly aligned, with Delhi at Rs 13,725 a gram and most other metros at Rs 13,710.

Silver was unchanged, with Chennai silver holding at Rs 245 a gram, or Rs 2,45,000 a kilogram, after a week of steady trade. That relative calm contrasts with gold’s renewed climb and suggests bullion buyers are still parsing whether the latest move is a pause or the start of another leg higher.

Global cues remain supportive for precious metals. U.S. crude is forecast at about $95.786 a barrel and the 10-year Treasury yield is seen around 5.287%, levels that keep inflation and rate expectations in view, while GLD, the SPDR Gold Trust, closed at $375.88 on October 7 with its 50-day moving average at $396.73 and RSI readings at 29.2, pointing to a technically stretched but weakly traded market. GDX, the VanEck Gold Miners ETF, also slipped to $85.46 with RSI at 28.5.

Adalytica’s Gold Fear & Greed Index showed “Extreme Fear” at 12, highlighting a market that is still nervous even after the latest price gains. For investors, the key question is whether bullion’s rise starts to feed through to Indian retail buying, mining shares and ETF flows, or whether elevated local prices simply cool jewellery demand ahead of the next round of festival purchases.