Gold rate today in India on Oct 16: Yellow metal's breakneck rally continues, likely to cross Rs 1.3 lakh/10 gm mark soon - Check 24K, 22K, 18K gold prices in Mumbai, Hyderabad and Delhi - Full list

Gold rate today in India on Oct 16: The mind-boggling gold rally continued on Thursday. In international bullion, briefly hovered over a peak above $4,227 an ounce. In India, the gold rates for per 10 grams in 24K category are likely to cross the Rs 1.3 lakh mark soon. The rally in yellow metal that has been underway since August may continue well into November. With buyers gearing up for Dhanteras and Diwali shopping of gold, here are the rates in all three major categories for October 16, 2025.

The ongoing US government shutdown has further boosted bullion prices, supported by the "debasement trade," where investors shift away from sovereign debt and currencies to hedge against widening fiscal deficits. Strong central-bank purchases have also played a major role, helping drive gold's more than 60% surge this year. In Singapore, spot gold rose 0.3% to $4,218.74 an ounce, while the Bloomberg Dollar Spot Index slipped 0.2% for the third consecutive day. Platinum held steady, and palladium inched higher.

Much of the yellow metal rally “is being driven by physical buying, and if you look at central banks, they are going out and buying huge quantities,” Trafigura Group's chief economist Saad Rahim was quoted as saying by Bloomberg. Fears of debt sustainability and the prospect of lower rates have investors “looking to gold as a store of value and for safety,” he said.

Gold futures with December expiry hit a fresh all-time high of Rs 1,28,395 per 10 grams on MCX on October 16. The future contracts with February and April expiries also hit fresh lifetime highs of Rs 1,29,368 per 10 grams and Rs 1,30,839 per 10 grams respectively.