Gold Price Today: Gold becomes cheaper before the festive season! Prices fell in 10 cities, check latest rate card of 24K, 22K and 18 Carat before shopping.

There is good news for those buying gold just before the upcoming festive and wedding season. Due to slowdown in the prices of precious metals in the international market and temporary stagnation in domestic demand, gold prices have softened in the Indian bullion market. A decline in prices per 10 grams has been recorded in all the three categories 24 carat, 22 carat and 18 carat.

According to jewelery manufacturers and bullion traders, this softness is being seen in the domestic futures market (MCX) and retail markets due to the monetary policy comments of the US Federal Reserve and profit booking in international spot gold. In such a situation, this level is being considered an attractive buying opportunity for customers planning to buy jewelery or invest in gold bars.

Today's retail prices of gold per 10 grams in 10 major metros and major consumer markets of the country are recorded as follows:

(Note: The prices given above are bullion/base rates only. 3% GST and jeweller's making and wastage charges are added separately at the time of purchasing jewellery.)

Before buying jewellery, it is very important to understand the difference between karat of gold and its purity:

• 24 karat gold (99.9% pure): This is the purest form of gold. Being extremely flexible and soft, complex jewelery cannot be made from it. It is mainly used for investing in gold coins, bullion bars and digital gold.

• 22 karat gold (91.6% pure): It contains 91.6% pure gold and 8.4% other metals (copper, silver or zinc). It is the most popular standard for manufacturing traditional and bridal jewelery in India.

• 18 karat gold (75% pure): It contains 75% pure gold and 25% alloys. It is stronger and more durable than 22 carats. This carat is mostly used in diamond, studded and modern lightweight jewelery to hold the stones firmly.

Follow these basic precautions to avoid any kind of fraud while shopping in the bullion market:

• 6 digit HUID code mandatory: According to the rules of Bureau of Indian Standards (BIS), selling gold without hallmark is illegal. BIS logo on jewelry, karat purity (e.g. 22K916 or 18K750) and 6 digit alphanumeric HUID (Hallmark Unique Identification) Be sure to check the code.

• Verification on BIS Care App: By downloading the BIS Care app on your phone and entering the code in the 'Verify HUID' option, you can immediately see in which lab the jewelery was certified on which date.

• Fixed bill and breakup: Always get a confirmed GST bill from the jewellers, which clearly mentions the weight of pure gold, base rate of that day, making charge and 3% GST separately.