New Delhi, Oct 17 : The ideal buying range for gold may be considered between Rs 1,14,000 and Rs 1,18,000 per 10 grams, Religare Broking, in its Diwali 2025 Gold Special Report, has said.

This range, the brokerage suggests, could offer a healthy opportunity for accumulation within the broader uptrend.

Gold prices in India have jumped nearly 67 per cent since January, hitting a record high of Rs 1,31,920 per 10 grams on Friday.

The yellow metal has seen a remarkable rise since August, climbing from around Rs 98,500 per 10 grams to over Rs 1.26 lakh by October.

Religare Broking said this rally has been driven by a mix of global and domestic factors -- including geopolitical tensions, a weakening dollar, strong central bank buying, and expectations of easier monetary policy across major economies.

However, it also warned that gold has entered overbought territory, which could lead to profit booking or sideways movement in the near term.

The report suggests that investors should adopt a staggered buying approach -- gradually accumulating gold during price corrections rather than buying aggressively at current highs.

Religare expects gold to move towards Rs 1,35,000 to Rs 1,42,000 per 10 grams over the short to medium term if prices rebound from the recommended buying zone.

On the technical side, gold continues to show strength as it trades above key moving averages such as the 20-day and 50-day EMAs, indicating sustained investor confidence.

'However, if prices fall below Rs 1,05,000 per 10 grams, it could signal weakness and lead to a deeper correction,' the report said.

Religare also highlighted that central banks, including those of India and China, remain strong buyers of gold, collectively adding more than 1,000 tonnes for the third consecutive year.

At the same time, global gold-backed ETFs have attracted $64 billion in inflows so far in 2025, with India contributing $10 billion in September alone.

Gold's global rally has been equally impressive, with prices crossing the $4,000 per ounce mark for the first time.

Analysts believe that continued demand from central banks, investors, and festive buyers, along with supply constraints, will keep prices firm through 2025 and beyond.

/IANS