Gold Price Update – Consumers are benefiting from the continued decline in gold prices. According to an IBJA report, consumers received good news with a drop of ₹1,009 per ten grams in gold prices. Following the decline, gold is now trading at ₹1,19,619 per ten grams. Before Dhanteras, 24-carat gold was recorded at its highest price of ₹1,30,874 per ten grams.
This means that gold is trading at approximately ₹11,255 less than its highest price. This significant decline has occurred in 13 days. Gold prices have also fallen significantly since Diwali. IBJA prices do not include 3% GST, making charges, and jeweller’s margins. Therefore, prices in different cities appear different. Below, we will provide gold rates for all carats.
24-Carat Gold Price in Metropolitan Cities
24-carat gold is now being recorded at ₹1,20,640 per ten grams in Jaipur. In Delhi, the price of 24-carat gold is trending at ₹1,20,640 per tola. In Patna, the price of 24-carat gold was recorded at ₹1,20,540 per tola. In Ahmedabad, the price of 24-carat gold was recorded at ₹1,20,540 per tola.
In Lucknow, the price of 24-carat gold was recorded at ₹1,20,640 per tola. In Mumbai, the price of 24-carat gold was recorded at ₹1,20,490 per tola. In Kolkata, the price of 24-carat gold was recorded at ₹1,20,490 per tola. In Raipur, gold was recorded at ₹1,20,490 per tola. In Bhopal, 24-carat gold was recorded at ₹1,20,540 per tola. In Chennai, 24-carat gold was sold at ₹1,21,090 per tola.
Price of 24, 22, 18, and 22-carat gold
The average market price of 24-carat gold was ₹1,19,619 per ten grams. 22-carat gold was recorded at ₹1,09,571 per tola. 18-carat gold was selling at ₹89,714 per tola. 14-carat gold was trending at ₹69,977 per tola.
Reasons for the Fall in Gold Rates
The festive season leading up to Diwali is a major driver of gold and silver sales in India. After Diwali, the buying spree of gold and silver decreased, leading to a decline in their demand. This is also considered a major reason for the fall in prices.