New Delhi: Gold prices have declined in the Indian bullion market due to global cues and sluggish domestic demand. Over the past week, gold prices have fallen by up to ₹750 per 10 grams. Gold prices fluctuated since the beginning of the week, but by the weekend, prices began to soften. If you’re planning to buy gold for the wedding season or for investment purposes, this could be a good opportunity.
Along with gold, silver prices are also trading in a limited range. New rates for 22-carat and 24-carat gold have been released in major metropolises—Delhi, Mumbai, Kolkata, and Chennai.
Today’s Gold Rate in Major Metropolises (per 10 grams)
Gold prices vary slightly in different states due to local taxes and octroi. The current prices of 22-carat and 24-carat gold in major cities are as follows:
City 22-carat gold (₹ / 10 grams) 24-carat gold (₹ / 10 grams)
Delhi ₹1,32,700 ₹1,44,750
Mumbai ₹1,32,550 ₹1,44,600
Chennai ₹1,32,600 ₹1,44,650
Kolkata ₹1,32,550 ₹1,44,600
Bangalore ₹1,32,600 ₹1,44,650
Ahmedabad ₹1,32,600 ₹1,44,650
(Note: The above prices do not include 3% GST and making charges. These charges are added separately to the final bill at the time of purchase at a jewelry shop.)
Why are gold prices falling? Experts’ Opinions
Commodity market experts and analysts believe that several global and economic factors are responsible for the recent decline in gold prices:
International market pressures: The strengthening of the US dollar and the improvement in bond yields globally have put pressure on gold prices in the international market.
Central bank policies: Due to the lack of clarity on interest rate cuts by the US Federal Reserve, investors are currently turning to riskier assets (such as the stock market).
Low local demand: During the monsoon season, domestic jewelry purchases in the Indian market slow down slightly, leading to a decline in prices in the local bullion markets.
Pay special attention to these 3 things when buying gold
If you’re planning to buy gold during this downturn, keep these important things in mind to avoid fraud:
Always check the BIS Hallmark: Always buy jewelry with a 6-digit HUID (BIS hallmark). This is an official guarantee of the purity of the gold.
Understand the difference between 22K and 24K: 24-carat gold is the purest (99.9%), but it’s used to make coins and bars. Jewelry is typically made from 22-carat (91.6%) or 18-carat gold.
Ensure a valid bill: Ensure you obtain a valid GST-compliant bill from the jeweler, which separately lists the gold weight, carat, and making charges.