With a possible objective of $4,150–4,250 per ounce, gold is predicted to trade between Rs 1,20,000 and Rs 1,30,000 per 10 grams this Dhanteras.
There are no indications that gold’s incredible surge will slow down. When compared to 2022, the yellow metal has already increased by about 50% in 2025, and prices have risen by an astounding 140%. According to experts, monetary policy expectations and continuous global economic changes are maintaining the momentum, and record-high prices are probably in store for Dhanteras.
According to Vandana Bharti, Head of Commodity Research at SMC Global Securities, “prices will continue on the upward side due to a robust central bank and ETF purchasing, even at record high prices, and a weakening faith in fiat currencies with imminent rate reduction.”
This Dhanteras, she anticipates that gold would trade between Rs 1,20,000 and Rs 1,30,000 per 10 grams, with an eventual objective of $4,150 to 4,250 per ounce. “In early 2026, we could even reach Rs 1,50,000,” she continues.
Due to a combination of local and international causes, gold prices on the Multi Commodity Exchange (MCX) have already risen this week to Rs 1,22,284 per 10 kilos for the December contract. “Global economic instability, geopolitical concerns, and growing expectations of interest rate reduction by the US Federal Reserve are driving the rise,” said Ajit Mishra, SVP-Research at Religare Broking Ltd. Further bolstering demand is the fact that a declining US dollar has reduced the cost of gold for investors holding foreign currencies.
The ongoing gold hoarding by central banks worldwide is another important factor. Official gold purchases have increased to levels not seen in decades as nations diversify their holdings away from the US currency. Amid erratic bond rates and equities markets, investors are seeking refuge in exchange-traded funds (ETFs), which are seeing a surge in inflows.
The World Gold Council (WGC) reports that net inflows into Indian gold exchange-traded funds (ETFs) reached $902 million in September 2025, a 285 percent increase over August. India made a substantial contribution to the $17.3 billion in worldwide inflows, ranking fourth in the world behind the US, the UK, and Switzerland.
The Association of Mutual Funds in India (AMFI) reports that after modest withdrawals in March and April 2025, inflows have increased significantly, reaching a record of Rs 8,363 crore in September compared to Rs 2,190 crore in August, representing a 282 percent increase. Gold ETFs now have an AUM of over Rs 90,000 crore.
This Dhanteras, will gold surpass the Rs 1.5 lakh threshold?
Although there is still a lot of hope for gold, analysts advise against anticipating a sudden breakthrough of the Rs 1.5 lakh barrier this holiday season.
“Investors are beginning to see gold as a dependable store of wealth due to ongoing inflation fears. However, gold is unlikely to surpass Rs 1,50,000 this Dhanteras unless there is a significant shock, like a currency crisis or a sharp escalation in geopolitics, according to Mishra. A more reasonable short-term range, according to him, is between Rs 1,26,000 and Rs 1,28,000 for 10 grams.
Analysts predict that gold’s rising trend will go far beyond 2026, particularly if inflation stays high and global interest rates start to decline. The major factors that will determine where gold heads next will continue to be central bank policies, geopolitical threats, and currency fluctuations.
This Dhanteras may be another turning point in the long-term history of gold for investors, serving not just as a joyous acquisition but also as a hedge against risk and evidence of persistent faith in tangible assets in the face of global financial instability.