New Delhi11 minutes ago
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This week gold became cheaper by Rs 748. At the same time, an increase of Rs 2,092 was seen in the price of silver. According to India Bullion and Jewelers Association (IBJA), gold was at Rs 1,21,518 last Saturday (October 25), which has now reached Rs 1,20,770 per 10 grams (November 1). Whereas, the price of silver was at Rs 1,47,033 last Saturday, which has now reached Rs 1,49,125 per kg.
IBJA gold prices do not include 3% GST, making charge, jewelers margin. Therefore the rates of cities are different from this. RBI uses these rates to decide the rates of Sovereign Gold Bond. Many banks use it to decide the rates of gold loan.
This year gold became costlier by ₹ 44,608 and silver by ₹ 63,108
So far this year, the price of gold has increased by Rs 44,608. On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,20,770. The price of silver has also increased by Rs 63,108 during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,49,125 per kg.
Keep these 2 things in mind while buying gold
1. Buy only certified gold: Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). This number can be alphanumeric i.e. something like this – AZ4524. Hallmarking shows how many carats the gold is.
2. Price Cross Check: Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (such as the website of India Bullion and Jewelers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat.
4 reasons for different prices of gold in cities
1. Transportation Expenses: Gold is a physical thing, so it costs money to transport it. Most imports are made by air. Then the gold has to be transported to the interior areas. Transportation expenses include fuel, security, vehicle, staff money etc.
2. Gold purchase quantity: The demand for gold varies according to the city and state. South India accounts for about 40% of India’s total gold consumption. Here sellers buy gold in bulk which reduces the prices. Whereas prices are higher in tier-2 cities.
3. Local Jewelery Association: For example, the gold rate in Tamil Nadu is decided by the Jewelers and Diamond Traders Association. Similarly, there are many other associations across the country which decide the prices.
4. Purchase Price of Gold: This is the biggest factor that affects gold rates in different cities. Jewelers who have bought the stock cheaply can charge lower rates.
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