Dhanteras Gold & Silver Price Trends (2022–2026): 5-Year Comparison

From Dhanteras 2022 to Dhanteras 2025, the price of 24K gold in India rose from ₹50,062 to ₹1,29,584 per 10 grams, a gain of 158.8% in three years, as per IBJA rates. Silver rose even faster, from ₹55,555 to ₹1,69,230 per kg, a gain of 204.6%.

Just before Dhanteras 2026, on 30 October 2026, 24K gold was at ₹1,40,054 per 10 grams and silver at ₹1,81,344 per kg. That is about 8% and 7% higher than last Dhanteras, but well below the record highs set in January 2026.

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Key Numbers at a Glance

• Gold, Dhanteras 2022 to 2025: up ₹79,522 per 10 grams, or +158.8%.
• Silver, Dhanteras 2022 to 2025: up ₹1,13,675 per kg, or +204.6%.
• Biggest single-year jump: Dhanteras 2024 to 2025, when gold rose 64.6% and silver 72.9%.
• All-time high (IBJA): 29 January 2026, when 24K gold closed at ₹1,75,340 per 10 grams and silver at ₹3,79,988 per kg.
• Ahead of Dhanteras 2026 (30 Oct 2026): gold is about 20% below its January peak, and silver is about 52% below its peak.
• ₹1 lakh of gold bought at the Dhanteras 2022 rate would have been worth about ₹2.59 lakh at the Dhanteras 2025 rate, before GST and making charges.

Gold and Silver Prices on Every Dhanteras, 2022 to 2026

This table shows the India Bullion and Jewellers Association (IBJA) closing rate on each Dhanteras. IBJA rates are a widely used benchmark for gold and silver prices in India. When Dhanteras fell on a weekend, when IBJA normally doesn't publish rates, the table uses the last working day before it.

Notes: 24K means 999 gold and 22K means 916 gold. These are wholesale benchmark rates without the 3% GST or making charges, so the price you pay for jewellery will be higher. The 2026 row will change once the actual Dhanteras rate is published.

Year-by-Year Change: How Much Gold and Silver Moved Each Dhanteras

Here is how much prices rose from one Dhanteras to the next:

Two patterns stand out:

• Gains grew each year until 2025. Gold rose about 20%, then 31%, then 65%. Silver followed the same path, but with bigger moves each time.
• 2026 broke the pattern. The year-on-year gain is in single digits, even though prices touched record highs in between. Most of 2026's rise came early in the year and was later given back.

Quick fact: IBJA's opening (morning) rates tell almost the same story as the closing rates used here. On opening rates, gold rose 21.2%, 30.4% and 66.0% from 2022 to 2025, against 20.3%, 30.7% and 64.6% on closing rates.

What Moved Gold and Silver Prices Each Year

Prices don't move in a vacuum. Here is what news reports and market analysts linked to the move in each year.

2022: Rate hikes, a weak rupee and a higher import duty

• The US Federal Reserve raised interest rates sharply. Higher US bond yields made gold, which pays no interest, less attractive to global investors, and gold fell in dollar terms.
• In India, the rupee hit record lows, which kept rupee gold prices from falling as much.
• On 1 July 2022, India announced a rise in the basic import duty on gold from 7.5% to 12.5%, taking the effective duty to about 15%, to curb imports and ease pressure on the rupee.

2023: War and central bank buying

• The Israel-Hamas war, which began on 7 October 2023, pushed investors towards gold as a safe asset.
• Central banks around the world kept buying gold in record amounts, which the World Gold Council highlighted in its reports.
• Gold rose about 20% from Dhanteras 2022, even though prices eased slightly in the days just before Dhanteras 2023.

2024: Rate cuts, global tension and a duty cut

• Tensions in West Asia and the Russia-Ukraine war kept safe-haven demand strong.
• The US Federal Reserve made its first rate cut in more than four years in September 2024.
• In the Union Budget on 23 July 2024, India cut the import duty on gold and silver from 15% to 6%. IBJA's closing rate for 24K gold fell by about ₹3,600 per 10 grams that day, and gold futures fell by more than ₹4,000, but the global rally soon lifted them again.

2025: The biggest rally of the five years

• Markets expected more US rate cuts, the dollar weakened, central banks kept buying, and money poured into gold ETFs.
• US-China trade tensions added to the demand for safe assets.
• Silver went through a historic supply squeeze in the London market. In India, physical silver traded at an unusually high premium in October 2025, and several fund houses briefly paused new investments in silver funds.

2026: A Record in January, Then a Sharp Fall

2026 has been the most volatile year in this five-year period. Here are the key moments:

What this means: on benchmark rates, before GST and making charges, someone who bought at the Dhanteras 2025 rate is still slightly ahead. Someone who bought near the January 2026 peak is well behind. The timing of a purchase made a big difference this year, especially for silver.

The higher import duty also matters for buyers. Import duty is part of the domestic gold price, so it keeps Indian prices higher than they would be at a 6% duty.

Quick tip: A rate on a news site or app is usually the IBJA or market benchmark. The final bill for jewellery adds 3% GST and making charges, so always look at the price breakup on the product page before you compare.

Gold vs Silver: Which Rose More?

Over three Dhanterases, silver beat gold. But silver also fell much harder in 2026.

The gold-to-silver ratio shows how many kilograms of silver it takes to buy one kilogram of gold. Based on the Dhanteras rates above:

A falling ratio means silver was gaining faster than gold. From 2022 to 2025, the ratio fell steadily, which is another way of saying silver outran gold. Comparing Dhanteras to Dhanteras, it is almost unchanged in 2026, but in between it swung widely, falling to about 46 at the January peak when silver spiked.

Rising prices also changed festive buying. Trade reports in 2025 noted strong sales of silver coins and idols in recent festive seasons, while many buyers stuck to small gold coins and bars. To see how buying habits changed alongside prices, read what people buy on Dhanteras and Diwali.

The Longer View: Gold Prices Since 2015

Five Dhanterases are a short window. The Reserve Bank of India's yearly average gold price in Mumbai shows the bigger trend:

From 2015-16 to 2024-25, the average gold price rose about 186%. The price dipped slightly in 2021-22, but most of the rise came after 2019, and the biggest jumps came after the period in this table, in 2025 and early 2026.

These are yearly averages, not Dhanteras-day rates, so they can be higher or lower than the festival-day prices above. For an expert view on why gold and silver prices climbed so sharply this year, read our post on why gold and silver prices are soaring in 2026, with insights from eternz CEO Arthi Ramalingam.

How These Prices Were Collected

To make this data easy to check and reuse, here is exactly how it was put together:

• Source: IBJA daily bullion reports and the IBJA rates website.
• Rate used: the IBJA closing (PM) rate, excluding GST and making charges.
• Weekend rule: IBJA normally doesn't publish rates on Saturdays and Sundays. Dhanteras 2022 and 2025 both fell on a Saturday, so the Friday rate is used for those years.
• 2026: Dhanteras 2026 is on 6 November. The latest available rate (30 October 2026) is shown until then.
• Dates: Dhanteras dates are as per Drik Panchang for New Delhi.

Why your local rate may look different: news sites often quote other benchmarks, such as Delhi spot rates, MCX futures or city retail rates that include GST. These can differ from IBJA by a few hundred to a few thousand rupees per 10 grams. For example, on Dhanteras 2023, the Delhi spot rate was reported at ₹61,200 per 10 grams, against the IBJA closing rate of ₹60,240.

What This Price History Does and Doesn't Tell You

This data shows how gold and silver moved, not where they will go next. A few honest points:

• Past gains don't guarantee future gains. The 64.6% jump from 2024 to 2025 was unusual, and 2026 has already shown how quickly prices can fall.
• Silver moves more than gold, in both directions. It rose more from 2022 to 2025, and it fell far more from its 2026 peak.
• Jewellery prices are not the same as gold prices. Making charges and GST are added on top, and you usually sell or exchange at a rate below the buying price.
• Coins and jewellery behave differently as investments. Our comparison of gold coins vs jewellery explains which one pays you back better.

If you are deciding whether to buy this Dhanteras, read is Dhanteras 2026 a good time to buy gold or silver, which looks at this year's conditions in detail. And whatever you buy, check the hallmark using our complete guide to gold hallmarking in India.

Conclusion

Over three Dhanterases from 2022 to 2025, gold rose about 159% and silver about 205%, driven by global tension, central bank buying and a weaker rupee. 2026 brought a record high in January and a sharp fall after it, so this year's Dhanteras arrives with prices higher than last year but far below their peak. Whether you buy for tradition or savings, a small hallmarked piece from our gold idols and coins range keeps the custom without a big bet on prices. For the story behind the tradition itself, read why Indians buy gold on Dhanteras.

Frequently Asked Questions

1. What was the gold price on Dhanteras 2025?

On Dhanteras 2025 (Saturday, 18 October), the IBJA closing rate for 24K gold was ₹1,29,584 per 10 grams, from the last working day, Friday 17 October 2025. 22K gold was ₹1,18,699 per 10 grams. These rates exclude GST and making charges.

2. What was the gold price on Dhanteras 2024?

On Dhanteras 2024 (29 October), the IBJA closing rate for 24K gold was ₹78,745 per 10 grams, and silver was ₹97,873 per kg. Gold rose 64.6% from that level by Dhanteras 2025.

3. What is the gold rate before Dhanteras 2026?

On 30 October 2026, the latest IBJA closing rate was ₹1,40,054 per 10 grams for 24K gold and ₹1,28,289 for 22K gold. Silver was ₹1,81,344 per kg. Dhanteras 2026 is on Friday, 6 November.

4. How much has gold risen from Dhanteras 2022 to 2025?

24K gold rose from ₹50,062 to ₹1,29,584 per 10 grams, a gain of 158.8%, based on IBJA closing rates. Silver rose 204.6% over the same three years.

5. Did silver give better returns than gold on Dhanteras?

From Dhanteras 2022 to 2025, yes: silver rose 204.6% against 158.8% for gold. But silver also fell much more in 2026, dropping about 52% from its January peak by 30 October 2026, against about 20% for gold.

6. What was the highest gold price in India?

As per IBJA, the all-time high was on 29 January 2026, when 24K gold opened at ₹1,76,121 and closed at ₹1,75,340 per 10 grams. Silver closed at a record ₹3,79,988 per kg on the same day.

7. Why did gold prices rise so much in 2025?

Expected US rate cuts, a weaker dollar, strong central bank buying, inflows into gold ETFs and US-China trade tensions all pushed gold higher. Gold rose 64.6% from Dhanteras 2024 to Dhanteras 2025.

8. Why did gold prices fall in 2026?

After the January 2026 record, prices corrected sharply. In October 2026, higher oil prices raised fears of inflation and US rate hikes, which weighed on gold and silver. India also raised the import duty to 15% in May 2026 to support the rupee.

9. Do these gold rates include GST?

No. IBJA rates exclude the 3% GST and any making charges. The price you pay for jewellery or coins will be higher than these benchmark rates.

10. Which gold rate is used on Dhanteras in this data?

The data uses the IBJA closing (PM) rate on Dhanteras day. When Dhanteras fell on a weekend, as in 2022 and 2025, the rate from the Friday before is used, because IBJA normally doesn't publish rates on weekends.