There has been a softening of gold prices in the Indian bullion market on the first day of the trading week. Due to weak signals from global markets and profit-booking at the domestic level, gold prices have come down from the national capital Delhi to the major business center of South India, Chennai. If you are planning to buy gold jewelery or coins for the wedding season, investment or festivals, then today can prove to be a relief for you. Today's Gold Rate in Major Cities of the Country (City-Wise Gold Price Today) There is slight variation in the prices of gold due to difference in local taxes, transportation cost and VAT in different states on geographical basis. The estimated prices of 24 carat, 22 carat and 18 carat gold today in major metros and tier-2 cities of the country were recorded as follows: Major Cities 24 carat gold (per 10 grams) 22 carat gold (per 10 grams) 18 carat gold (per 10 grams) Delhi (Delhi) ₹1,58,390 ₹1,45,200 ₹1,18,830 Mumbai (Mumbai) ₹1,58,240 ₹14,505 per gram / ₹1,45,050 ₹1,18,680 Chennai ₹1,58,240 ₹1,45,050 ₹1,22,750 Kolkata ₹1,58,240 ₹1,45,050 ₹1,18,680 Bengaluru ₹1,58,240 ₹1,45,050 ₹1,18,680 Hyderabad ₹1,58,240 ₹1,45,050 ₹1,18,680 Ahmedabad ₹1,58,290 ₹1,45,100 ₹1,18,730 Lucknow ₹1,58,390 ₹1,45,200 ₹1,18,830 Jaipur ₹1,58,390 ₹1,45,200 ₹1,18,830 Patna ₹1,58,290 ₹1,45,100 ₹1,18,730 (Note: The prices given above are indicative and do not include 3% Goods and Services Tax (GST), TCS and making charges. For exact billing amount check your Contact your nearest certified jeweler.) What is the difference between 24K, 22K and 18K gold? When buying jewelery or bullion, karat is directly related to the purity of the metal: 24 karat gold (99.9% pure): This is the purest form of gold. There is no adulteration of any other metal in it. Due to being extremely soft, it is not used directly in making jewelery but is bought in the form of gold bars, biscuits and coins (investment gold). 22 carat gold (91.6% pure): 22 carat gold is most commonly used in making Indian traditional jewellery. It consists of 91.6% pure gold and the remaining 8.4% is mixed with strong metals like copper, silver or zinc so that the jewelery remains durable. It is also called 916 gold. 18 karat gold (75.0% pure): It contains 75% pure gold and 25% other metals. 18K is considered the strongest and most economical choice for stone-studded, diamond jewelery and modern lightweight daily wear. Main reasons for the fall in gold prices today: According to commodity market experts and economic analysts, many global and domestic factors are active behind this softening of gold prices: Strength in the US dollar index: Due to the strengthening of the US dollar in the international market, gold becomes expensive for holders of other currencies, which creates pressure on global demand. Federal Reserve's interest rate policy: The immediate demand for gold as a safe investment has been affected by the changes in bond yields following the statements made by the US Central Bank (US Fed) regarding the interest rate stance. Profit booking on the domestic futures market (MCX): Profit booking by speculators and institutional investors on the Multi Commodity Exchange (MCX) following the recent rally has led to a temporary fall in prices. Rupee and Crude Oil Situation: Stability of the Indian Rupee exchange rate and international crude oil prices has also balanced the domestic import costs. Don't ignore these 4 things while buying gold. To ensure transparency and safety while shopping in the bullion market, be sure to check the following standards: BIS Hallmark and HUID Code: Always buy jewelery hallmarked by the Bureau of Indian Standards (BIS). 6 digit alphanumeric HUID (Hallmark Unique Identification) code is mandatory on every jewellery. You can check the authenticity yourself by entering HUID code on 'BIS Care App'. Comparison of Making Charges: Different jewelers charge different making charges depending on the design and workmanship, which can generally range from 5% to 25%. Always get clarity on making charges before billing. Firm Bill and GST: Always get firm invoice when purchasing. It is legally mandatory to mention the total weight of gold, purity (carat), rate per gram, making charge and 3% GST separately in the bill. Buyback Policy: In future, while exchanging old gold for new jewellery, understand the terms of the jeweller's resale and buyback policy in advance. Is it wise to buy gold at current levels? Financial advisors believe that gold always proves to be an excellent hedging tool in times of inflation and geopolitical uncertainties. The current decline can be a good 'buy on dips' strategy for long-term investors and clients planning for the upcoming wedding season. Keeping 10% to 15% of your total investment portfolio in sovereign gold bonds, gold ETFs or physical gold is considered ideal for risk balancing. Frequently Asked Questions (FAQs) Q. 1: What is the price of 24 carat and 22 carat gold in India today? Answer: Today, in major cities of the country, the price of 24 carat gold has been recorded in the range of approximately ₹ 1,58,240 to ₹ 1,58,390 per 10 grams and the price of 22 carat gold has been recorded in the range of ₹ 1,45,050 to ₹ 1,45,200 per 10 grams. Q. 2: Why is there a difference in the price of gold in Delhi and Chennai? Answer: There is a difference in prices in different cities due to local sales tax, octroi/octroi, transportation expenses and demand-supply equations of local bullion associations. Q.3: What is the total tax on gold? Answer: A total of 3% GST is applicable on purchase of gold jewelery or bullion, which includes 1.5% CGST and 1.5% SGST. Apart from this, 5% GST is payable on making charges.
