On Wednesday, November 26, 2025, gold in India crossed the psychological milestone of ₹1.25 lakh for 10 grams of 24K purity — a level not seen since early October — sending shockwaves through households, jewelers, and investors alike. At 13:27 IST, GoldInforma.com reported 24K gold at ₹12,819.75 per gram, a jump of ₹138.82 in just 24 hours. That’s ₹128,197.50 for 10 grams — the first time since the summer of 2024 that prices breached the sava lakh mark. The surge came after a volatile November, where gold had plunged nearly 8% from its all-time high just weeks earlier, only to rebound with surprising force. For millions of Indian families, this isn’t just a market fluctuation — it’s a reminder that gold remains the bedrock of savings, weddings, and security.
Why the Spike? A Perfect Storm of Factors
The sudden climb didn’t happen in a vacuum. International gold, as tracked by Goldprice.org, rose to $4,167.47 per ounce on November 26, fueled by weakening U.S. dollar sentiment and renewed geopolitical tension in the Middle East. But domestic demand played an equally critical role. With Diwali sales over and wedding season approaching, jewelers in cities like Delhi, Mumbai, and Kolkata began restocking, pulling inventory from refineries. Meanwhile, the Reserve Bank of India’s continued accumulation of gold reserves — now over 800 tonnes — sent a quiet but powerful signal to the market: this is a safe asset worth betting on.But here’s the twist: the price isn’t uniform. BankBazaar.com showed that 10 grams of 24K gold cost ₹95,000 in Patna, ₹93,800 in Kavaratti, and ₹94,600 in Ayodhya. Why? Local taxes, transportation costs, and jeweler margins vary wildly. In coastal towns, import duties add up. In inland markets, lower foot traffic means less competition — and higher markups.
Conflicting Numbers? Welcome to India’s Gold Market
If you checked three different sites on November 26, you got three different prices. GoodReturns.in listed 24K at ₹12,791 per gram — ₹28.75 less than GoldInforma. The Indian Express, citing GoodReturns, reported just ₹12,705 — a mere ₹1 rise from the day before. What gives?It’s not misinformation. It’s methodology. GoldInforma updates in real-time, factoring in futures markets and import costs. GoodReturns uses wholesale dealer quotes from major cities, delayed by an hour or two. The Indian Express, meanwhile, rounds for simplicity. And none include GST, TCS, or making charges — which can add another 8–12% to the final price you pay at the counter. As GoodReturns.in explicitly warns: “The above gold rates are indicative.”
Bulk Buyers and the Hidden Cost of Gold
For those buying in bulk — think wedding planners, corporate gifting departments, or gold investors — the numbers get even more revealing. According to GoldInforma, 100 grams of 22K gold cost ₹1,175,143.70 on November 26, up ₹12,725 from the day before. One kilogram? Over ₹11.75 million. That’s more than the average annual income of a middle-class family in Chennai.Even specialized products spiked. A 1-gram rose gold coin, often bought as a keepsake or gift, hit ₹6,169 — up 3.5% in a week. Meanwhile, silver, often seen as gold’s cheaper cousin, traded at $52.08 per ounce, still far below its 2024 peak. For many, the message is clear: if you’re looking for value, gold still holds its crown.
What’s Next? A Market on Edge
The rally on November 26 followed a sharp correction. On November 25, 24K gold was at ₹11,741.16 — a 9% drop from its October peak. That plunge had sparked panic among small investors. But now, with global central banks buying gold again and inflation fears resurfacing, the tide has turned. Analysts at Edelweiss Wealth Management told The Economic Times that “we’re seeing a classic flight to safety,” with retail inflows up 22% week-over-week.Still, no one’s predicting another surge to ₹14,000 per gram. Not yet. The RBI has signaled it may tighten gold import duties if prices keep climbing. And with the monsoon season over and rural demand stabilizing, the next big driver will be global cues — especially the U.S. Federal Reserve’s next rate decision in December.
Historical Context: Gold’s Rollercoaster in 2025
This isn’t the first time gold has danced on the edge of ₹1.25 lakh. In March 2025, it briefly hit ₹12,950 before crashing 11% in two weeks. In July, after the U.S. election uncertainty, it climbed again. Each time, consumers held back. But this time feels different. With the rupee hovering near 84 to the dollar and equity markets jittery, gold isn’t just jewelry — it’s insurance.For the first time since 2022, jewelry sales in Jaipur and Ahmedabad are up 18% year-over-year. Local jewelers report customers asking not for “cheap gold,” but for “real gold” — 24K, hallmarked, with receipts. The message? Trust matters more than price.
Frequently Asked Questions
Why do gold prices differ so much between cities like Patna and Kavaratti?
Price variations stem from local taxes, transportation logistics, and jeweler competition. Kavaratti, being a remote island, faces higher import and storage costs, but lower demand keeps prices down. Patna, with dense urban demand and limited supply chains, sees higher markups despite similar base prices. GST and TCS rates are uniform, but making charges and local commissions aren’t.
Should I buy gold now, or wait for prices to drop?
If you’re buying for weddings or long-term savings, now isn’t a bad time — but don’t chase the peak. Gold is a hedge, not a speculation. Experts suggest buying in small increments over three months rather than all at once. The average Indian household buys 5–10 grams annually; spreading purchases reduces risk. Remember: the final price includes GST and making charges, which aren’t reflected in online rates.
Why did the Indian Express report such a small price increase compared to GoldInforma?
The Indian Express relied on GoodReturns’ data, which updates less frequently and often reflects wholesale rates from major cities, not real-time retail. GoldInforma aggregates live futures and import data, capturing intra-day spikes. The ₹1 increase reported by Indian Express was likely a delayed snapshot — not the day’s peak. Always check the timestamp and source methodology.
Are gold prices in India tied to international markets?
Absolutely. India imports over 80% of its gold, so global prices — especially in U.S. dollars — directly affect local rates. When the dollar weakens, gold becomes cheaper for Indian buyers, and vice versa. The $4,167.47 per ounce price on Goldprice.org on November 26 was a key driver. But local demand, taxes, and import duties add layers that make Indian gold prices more volatile than global spot prices.
What’s the difference between 24K, 22K, and 18K gold, and why does it matter?
24K is 99.9% pure, used for investment bars and coins. 22K (91.6% pure) is standard for Indian jewelry — durable enough for daily wear. 18K (75% pure) is common in modern designs but less popular in traditional markets. For buyers, 22K offers the best balance of purity and durability. Prices for 22K are often used as the benchmark, but 24K is the true indicator of market sentiment.
Do online gold rates include GST and making charges?
No. None of the major portals — GoldInforma, GoodReturns, BankBazaar — include GST (3%), TCS (1%), or making charges (5–15%). These can add ₹800–₹1,500 per 10 grams. Always ask your jeweler for the final invoice. Online rates are useful for tracking trends, but never for pricing a purchase. The disclaimer on every site is there for a reason.