Gold price falls by ₹748, touches ₹1.21 lakh per 10g:Silver becomes costlier by ₹2,092, hits ₹1,49,125/kg

This week, gold got cheaper this week by ₹748, while silver became costlier by ₹2,092. As per the India Bullion and Jewellers Association (IBJA), gold was priced at ₹1,21,518 per 10 grams on Saturday, October 25. By November 1, it had dropped to ₹1,20,770. In contrast, silver moved up from ₹1,47,033 per kg last Saturday to ₹1,49,125 per kg now. IBJA’s rates do not include 3% GST, making charges or the jeweller’s profit margin, which is why prices vary across cities. The RBI considers these IBJA rates to set prices for Sovereign Gold Bonds, and many banks also rely on them to decide gold loan valuations. This year, gold became ₹44,608 and silver ₹63,108 more expensive So far this year, the price of gold has increased by ₹44,608. On December 31, 2024, 10 grams of 24-carat gold was priced at ₹76,162, which has now become ₹1,20,770.
During this period, the price of silver also increased by ₹63,108. On December 31, 2024, one kilogram of silver was priced at ₹86,017, which has now become ₹1,49,125 per kilogram. Keep these 2 things in mind when buying gold 1. Buy only certified gold: Always buy certified gold with the Bureau of Indian Standards (BIS) hallmark. This number can be alphanumeric, something like this – AZ4524. Hallmarking indicates the caratage of the gold. 2. Cross-check the price: Cross-check the correct weight of the gold and its price on the day of purchase from various sources (such as the India Bullion and Jewelers Association website). The price of gold varies according to 24 carat, 22 carat, and 18 carat. 4 reasons for different gold prices in cities 1. Transportation Costs: Gold is a physical commodity, so there are costs involved in transporting it. Most imports happen by air. Then, gold has to be transported to interior areas. Transportation costs include fuel, security, vehicle, staff salaries, etc. 2. Quantity of Gold Purchase: Gold demand varies by city and state. South India accounts for about 40% of India’s total gold consumption. Here, sellers buy gold in bulk, which lowers prices. Whereas in Tier-2 cities, prices are higher. 3. Local Jewelry Associations: For example, in Tamil Nadu, the price of gold is determined by the Jewelers and Diamond Traders Association. Similarly, there are many other associations across the country that determine prices. 4. Gold Purchase Price: This is the biggest factor that affects gold rates in different cities. Jewelers who have purchased stock at a lower price can charge a lower rate.