Mumbai, November 5, 2026: Domestic 24K retail gold prices have risen by approximately 7%–8% year-on-year ahead of Dhanteras 2026, trading in the range of ₹1,40,000–1,41,500 per 10 grams compared to ₹1,30,860 per 10 grams on Dhanteras 2025, according to Monarch Networth Capital.
The increase comes despite a volatile year marked by a sharp 30% correction in gold prices, which Monarch Networth Capital attributes to technical deleveraging rather than a reversal of the ongoing bull cycle. Dhruv Joglekar, Assistant Fund Manager at Monarch PMS, noted that gold’s performance continues to exceed typical capital-protection benchmarks.
2026 correction follows record highs
International spot gold reached an all-time high of US$5,589 per ounce on January 28, 2026, pushing domestic prices above ₹1.80 lakh per 10 grams. The subsequent correction was triggered by the transition to Kevin Warsh’s leadership at the US Federal Reserve and higher CME margin requirements, leading to a significant unwinding of leveraged positions.
Valuation and market re-anchoring
Monarch PMS values gold based on above-ground stock of approximately 221,700 tonnes against reserve-currency aggregates, placing its fair value between $3,248 and $4,595 per ounce, with a midpoint of $3,922. October’s low near US$3,870 remained within this range, indicating that the market has re-anchored to its fair value.
Dhanteras seen as entry point for investors
Joglekar described the current environment as a “classic entry point” for long-term investors, stating that speculative excess has been cleared while macroeconomic drivers for gold remain intact.
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