On the first trading day of the week, a relief news has emerged for gold buyers and jewelery lovers. A sharp fall in gold prices has been recorded in the Indian bullion market amid weak signals from domestic and international markets. After remaining at upper levels for the last few trading sessions, today the prices of both 24 carat (pure gold) and 22 carat (jewellery gold) have fallen in major markets across the country including Delhi, Mumbai, Chennai and Kolkata. This fall has come as a favorable opportunity for customers planning for the upcoming wedding season and jewelry shopping.
Commodity and bullion market experts believe that the pressure on gold has increased due to the strengthening of the US dollar index in the global market and improvement in bond yields. Selling trend was also seen on the domestic futures market (MCX) due to sharp profit booking by international investors at higher levels. Apart from this, correction in prices has been recorded in both the spot and futures markets due to investor caution regarding the monetary policies of the US Federal Reserve and stagnation in the immediate demand for gold as a safe haven investment.
There is slight variation in gold prices in different cities of the country depending on local taxes, transportation costs and bullion associations. According to the latest market data, the average price of 10 grams of gold in the major metros of the country has been recorded as follows:
| major city | 22 carat gold (per 10 grams) | 24 carat gold (per 10 grams) |
| Delhi | ₹1,30,380 | ₹1,41,630 |
| mumbai | ₹1,30,580 | ₹1,41,840 |
| Chennai | ₹1,30,830 | ₹1,42,120 |
| Kolkata | ₹1,30,620 | ₹1,41,890 |
| Bengaluru | ₹1,30,800 | ₹1,42,080 |
| Hyderabad | ₹1,30,580 | ₹1,41,840 |
| Ahmedabad | ₹1,30,630 | ₹1,41,890 |
| Jaipur | ₹1,30,450 | ₹1,41,700 |
| Lucknow | ₹1,30,380 | ₹1,41,630 |
| Pune | ₹1,30,580 | ₹1,41,840 |
(Note: The above quotes are primary bullion reference rates. 3% GST and making charges charged by jewelers are added separately when purchasing retail jewellery).
While taking advantage of the fall in gold prices, buyers need to be extremely cautious about purity. Always check for the 6 digit alphanumeric ‘HUID’ (Hallmark Unique Identification) code and BIS hallmark while purchasing jewellery. 24 karat gold is 99.9% pure and is considered most suitable for investment in coins or bars, while jewelery is usually made in 22 karat (91.6% purity) or 18 karat (75% purity). Make sure to mention the exact weight of metal, carat, making charges and tax details in the bill so that you do not have to face any problem during resale or exchange in future.