What happened
Business Today reported that gold and silver rates in India were unchanged on 18 October. Its benchmark figures were ₹1,48,280 per 10 gm for gold and ₹2,11,820 per kg for silver.
On the Multi Commodity Exchange (MCX), gold futures were 0.35% lower at ₹1,48,000 per 10 gm, while silver futures slipped 0.36% to about ₹2,11,418 per kg when that report was written.
On Monday, 19 October, Mint reported a small rise in retail prices. At around 9:13 AM, MCX gold was trading 0.20% up at ₹1,48,580 per 10 gm. MCX silver futures had gained roughly 0.44%, to ₹2,12,770 per kg. Mint tied the move to rising US-Iran tensions, after a senior Iranian security official said Tehran had a new response plan if attacks resumed.
City rates on 18 October
Business Today’s city quotes for 24K gold, per 10 gm, ranged from ₹1,47,760 in Delhi to ₹1,48,440 in Chennai. Mumbai, Bengaluru, Kolkata and Hyderabad fell in between, at ₹1,48,010, ₹1,48,130, ₹1,47,820 and ₹1,48,250.
For 22K gold, the range was ₹1,35,447 in Delhi to ₹1,36,070 in Chennai. The same silver price was listed for all six cities.
City rates on 19 October
Mint quoted 24K gold at ₹1,48,120 per 10 gm in Delhi, ₹1,48,370 in Mumbai and ₹1,48,180 in Kolkata. Its 22K figures for those cities were ₹1,35,777, ₹1,36,006 and ₹1,35,832. Outlets use different rate sources, so numbers differ slightly.
What it means for you
If you are buying jewellery, the quoted rates are base bullion prices. Retail purchases attract 3% GST on the metal value and a separate 5% GST on making charges, according to Business Today. Import duties and local transport costs also cause differences between states.
On 18 October, jewellers quoted 22K gold at ₹13,535 per gram (Joyalukkas and Malabar Gold & Diamonds) and ₹13,575 (Tanishq). For 24K, Malabar quoted ₹14,765 per gram. You can estimate the final bill with the Gold Jewellery Price Calculator.
Here, 24-carat is the purest form, while 22-carat is mixed with other metals, which makes ornaments more durable.
Background
Business Today said higher interest rates remain a headwind for gold, which pays no interest, while markets watch global economic risks and Middle East tensions. Domestic prices follow international spot bullion, the dollar-rupee exchange rate and festive-season demand.
