Gold Price Today: Gold prices fall on Mahanavami, gold becomes cheaper from Delhi to Chennai. – ..

There is a relief news from the bullion market for the customers and investors planning to purchase jewelery on the holy occasion of Mahanavami, the ninth day of Shardiya Navratri. Due to the strengthening of the dollar index globally and profit-booking in the international commodity markets, a slight decline in gold prices has been recorded in the Indian domestic bullion markets. This softening, which came just before the festive season and the upcoming Dhanteras and Diwali, has brought cheer to the faces of retail buyers and families making jewelery for weddings. From the national capital Delhi to Lucknow in Uttar Pradesh, Kanpur and Chennai in South India, the latest prices of 24 carat pure gold and 22 carat jewelery gold have been released.

According to the Indian Bullion and Jewelers Association (IBJA) and major retail markets, the prices of gold per 10 grams in the metros and major districts of the country are as follows:

(Note: The prices given above are based on standard tax-free wholesale and retail benchmarks. 3% GST and making charges are payable separately when purchasing jewellery.)

According to commodity experts and market analysts, there are 3 major technical and global factors behind this softening of gold prices:

1. US dollar and bond yields improve: Due to the recovery in the dollar index in the international currency market, investors have booked partial profits from gold as a safe-haven.

2. Profit Booking in International Spot Market: Traders booked profits in global spot gold after touching all-time high last week, which had a direct impact on the Indian Multi Commodity Exchange (MCX) and the domestic spot market.

3. Supply flow in local bullion markets: Local premiums have declined due to increased recycling of scrap gold (old gold) and availability of new stock during the festive season.

It is extremely important for consumers to understand the purity standards of gold while purchasing jewellery:

• 24 Carat (99.9% pure): This gold is considered to be the purest. Due to being extremely soft, complex jewelery is not made from it, rather it is used in making gold coins, bars and biscuits.

• 22 carat (91.6% pure): It is also called 916 hallmark gold. It contains 91.6% pure gold and 8.4% metals like copper or silver, which makes the jewelery durable. Most of the jewelery in India is made in this purity.

• 18 carat (75.0% pure): It contains 75% pure gold. 18K gold is considered best suited for diamond jewelery and modern trendy designs as it is stronger.

As per the strict rules of the Central Government and Bureau of Indian Standards (BIS), selling gold without a 6 digit alphanumeric ‘HUID’ (HUID – Hallmark Unique Identification) number is completely prohibited across the country.

Whenever you buy from any jewelery showroom, it is mandatory to check these 3 things:

• BIS triangular logo on jewellery.

• Gold purity marking (e.g. 22K916 or 18K750).

• 6 digit unique SKIN code.

  Consumers can download the ‘BIS CARE’ official mobile app and enter the 6 digit HUID number printed on the jewelry to instantly verify the purity of the jewelry, manufacturer’s details and exact date of hallmarking on the screen.