Gold and Silver Prices in India See Decline Amid High Demand

In recent trends, gold prices in India have seen a consecutive decline for the third day, as reported on October 9, 2024. Despite the ongoing festive season, which traditionally fuels gold demand, the prices of both 24-carat and 22-carat gold have registered a slight dip in several cities.

As per market observations, cities like Mumbai and Kolkata have marked 22-carat gold at approximately ₹70,000 per 10 grams. Meanwhile, in cities such as Delhi, Noida, Ghaziabad, Lucknow, and Jaipur, the rate for 24-carat gold stands at around ₹77,500 per 10 grams.

Silver prices have also been affected, displaying a downturn. The current rate for silver is ₹95,900 per kilogram, which reflects a decrease of ₹1,000 from the previous day. Despite the elevated demand prompted by the approaching Diwali celebrations, market experts, however, speculate that silver might reach ₹100,000 per kilogram in the near future.

Specifically in Noida and Ghaziabad, the cost for 24-carat gold was recorded at ₹77,590 per 10 grams, with 22-carat gold priced at ₹71,140 per 10 grams. These rates were concurrently noted in Lucknow. In Jaipur, similar prices were observed, with 24-carat gold at ₹77,590 per 10 grams and 22-carat gold at ₹71,140 per 10 grams.

In Mumbai and Kolkata, the price of 24-carat gold remained at ₹77,440 per 10 grams, while 22-carat gold was at ₹70,990 per 10 grams. This decline in gold prices comes after a period of consistent highs.

The variance in gold prices across major cities on the date in question, detailed veracity to fluctuating market conditions and supply metrics, holds tangible implications for both investors and jewelers looking to leverage market dynamics ahead of festive sales. Stakeholders are advised to consult local jewelers for precise pricing as variations could arise due to additional factors such as GST and other local charges.

Expert opinion underscores that typically, 24-carat gold with its 99.9% purity is unsuitable for jewelry making, leading most jewelers to trade in 22-carat gold commonly mixed with other metals. The identification of gold purity remains crucial, marked by a hallmark certification governed by the Bureau of Indian Standards.