Gold prices in India expected to trade between Rs 99,500-110,000 in 2025: Report

Indian gold prices are expected to continue rising, trading in the range of Rs 99,500 to Rs 110,000 per ten grams over the rest of 2025, and moving higher to Rs 110,000 to Rs 125,000 in the first half of 2026, according to a research note by ICICI Bank's Economic Research Group.

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"Risks to these projections are to the upside if the INR trades at a much depreciated level against the USD than our projections. We have assumed an average range of 87.00-89.00 for the USD/ INR pair for the period," noted the report.

The report highlights that global gold prices have surged about 33 per cent so far in 2025, supported by expectations of monetary easing by the US Federal Reserve and persistent institutional concerns about the US economy. Analysts forecast global bullion to average USD 3,400-3,600 per ounce during the remainder of 2025 and strengthen further to USD 3,600-3,800 per ounce in the first half of 2026.