Due to the festive season and huge investment demand in the bullion market, there is huge fluctuation in the prices of precious metals. The price of 24 carat pure gold in the market has jumped to the level of Rs 15,457 per gram. 22 carat and 18 carat gold remain in highest demand among jewelery manufacturers and retail buyers. In today's trading, the price of 22 carat gold was recorded at Rs 14,169 per gram and the price of 18 carat gold was recorded at Rs 11,593 per gram. When customers go to get jewelery made in the retail market, apart from this base price, they also have to pay making charge and 3 percent Goods and Services Tax (GST), due to which the final billing amount increases significantly.
From Delhi to Chennai: Huge difference in rates in metros
Due to transportation expenses of local bullion associations and different local taxes, a big difference is being seen in the rates of gold in different states of the country. In the national capital Delhi and Jaipur, 24 carat gold is being sold at the price of Rs 15,472 per gram. On the contrary, in major centers of South India like Chennai, Coimbatore and Madurai, the same price has reached Rs 15,567 per gram. On the other hand, the price of gold in Mumbai, Kolkata, Bengaluru, Pune and Hyderabad remains stable at Rs 15,457 per gram. Apart from this, this rate of gold has been recorded at Rs 15,462 per gram in Ahmedabad, Vadodara, Surat of Gujarat and Patna, the capital of Bihar.
Regional difference of Rs 10 thousand in silver prices
Huge regional fluctuations have been seen in the white metal i.e. silver market today. At the national level, the benchmark price of silver has been recorded at Rs 249.90 per gram i.e. Rs 2,49,900 per kilogram. According to this, the price of 10 grams of silver is Rs 2,499 and the price of 100 grams of silver is Rs 24,990. The most interesting thing is that in southern markets like Chennai, Hyderabad, Kerala, Coimbatore, Madurai and Vijayawada, one kilogram of silver was sold at Rs 2,59,900, which is exactly Rs 10,000 more per kg than Delhi, Mumbai and Kolkata.
Dollar-Rupee movement and important buying rules
The prices of gold and silver in the domestic market depend on the exchange rate of the Indian rupee against the US dollar as well as on the international commodity exchange. Despite international prices remaining stable, when the rupee weakens against the dollar, imports become expensive and prices automatically increase in the domestic market. Bullion experts suggest that while buying jewellery, consumers should check the 6-digit alphanumeric HUID (Hallmark Unique Identification) code of the Bureau of Indian Standards (BIS). A purchase made without this solid proof of purity can lead to huge financial loss when reselling the jewelery in future.