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Gold prices aren’t uniform across India. Curious why Chennai tops the list? From taxes to traditions, explore what makes city-wise gold costs so different ahead of Diwali.
The yellow metal continues to trade on a firm note.
New Delhi: Gold prices across India’s major metropolitan cities witnessed variations today, 15 October reflecting local market conditions, taxes, and steady festive buying ahead of Dhanteras and Diwali. The yellow metal continues to trade on a firm note as both investors and consumers show renewed interest in the precious metal.
In the national capital, 24-karat gold is priced at Rs 12,851 per gram, while 22-karat gold stood at Rs 11,781 per gram, according to local bullion market data. Traders said festive demand is gradually increasing, with most consumers waiting for the Dhanteras window to make major purchases.
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As per the analysts despite the increase in prices, the sentiment remains strong. People prefer to buy at least small quantities of gold during this period for good fortune. Analysts also attribute the firm trend to global uncertainty and earlier equity market volatility that boosted safe-haven buying.
In Mumbai, 24-karat gold was quoted at around Rs 12,830 per gram, slightly lower than Delhi’s rate. The marginal difference stems from lower local taxes and logistics advantages. Jewellers in Zaveri Bazaar said they are witnessing steady footfall, with buyers focusing more on coins and light jewellery ahead of Diwali.
In Kolkata, 24-karat gold traded at roughly Rs 12,840 per gram, almost matching Delhi’s price. Post-Durga Puja, retailers say customer sentiment remains buoyant as people continue buying gold for Diwali and wedding-related purchases.
Southern markets remain the strongest in terms of demand. Chennai recorded the highest rate among metros at Rs 12,880 per gram, followed by Bengaluru at Rs 12,810 per gram. The South traditionally drives India’s gold consumption, with weddings and festive purchases sustaining price levels despite higher costs.
Analysts note that the South traditionally accounts for over 40% of India’s gold consumption, making it a key driver of nationwide trends.
A clear regional contrast continues to define India’s gold market. While northern cities such as Delhi and Kolkata have seen steady but cautious buying, driven mainly by festive sentiment and investment interest, southern hubs like Chennai and Bengaluru are witnessing stronger retail demand owing to cultural traditions and ongoing weddings.
The South’s deep-rooted gold-buying habits often push prices marginally higher than in the North, reflecting both greater consumption and tighter supply during the festive season. Analysts say this regional divergence highlights India’s diverse gold market- where emotional value, tradition, and local economics together shape demand.
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Experts say that variations across cities reflect differences in state taxes, transportation costs, and regional buying trends. They add that the rupee’s movement against the US dollar and global price cues continue to influence domestic markets.
With Dhanteras and Diwali approaching, jewellers anticipate brisk business even at elevated prices. Analysts predict that gold will likely remain firm through the end of October, buoyed by festive sentiment and steady investment demand.
