Gold Price Today: Gold fell on the fourth day of Navratri, prices of 24K slipped below ₹ 1,50,000 from Delhi to Chennai; Know the latest rates of major cities

The fourth day of Navratri has brought a big relief for common consumers and investors planning to buy gold jewelery during the festive season. The bullion markets across the country have seen a break in the bullion market that has been going on for the last few days and gold prices have declined for the second consecutive trading session. From the national capital Delhi to Chennai, the major trading center of South India, the price of 24 carat pure gold (99.9% purity) has slipped below the psychological level of ₹ 1,50,000 per 10 grams. Today’s trading day, which started with the worship of Goddess Kushmanda on the holy festival of Navratri, brought glow back on the faces of retail buyers as gold crossed the record high of ₹ 1.51 lakh to ₹ 1.52 lakh last week. Selling pressure is also being seen on the domestic futures market (MCX) due to sluggish global cues, due to which both gold and silver prices are in a downward trend in the retail markets.

There is a slight difference in the prices of gold in different states of the country due to local VAT, octroi and transportation costs. However, today the prices have come down in both 24 carat and 22 carat categories in almost all the major metros of the country:

• National Capital Delhi: Today, the price of 24 carat gold in Delhi’s bullion market has come down to ₹ 1,49,430 per 10 grams, which was ₹ 1,49,440 yesterday. At the same time, the price of 22 carat gold, which is most used in making jewellery, is being recorded from ₹ 1,36,980 to ₹ 1,36,990 per 10 grams. 18 carat gold has also fallen to around ₹ 1,12,070 per 10 grams.

• Chennai and Tamil Nadu: The price of gold has also weakened in Chennai, the largest jewelery market of South India. In Chennai today, 24 carat gold is being sold at ₹1,49,280 per 10 grams, while the price of 22 carat gold has come down to ₹1,36,840 per 10 grams.

• Mumbai and Financial Capital Region: In Mumbai’s famous Jhaveri market, 24 carat gold is holding steady at around ₹1,49,300 per 10 gram, while 22 carat gold is trading at ₹1,36,850 per 10 gram.

• Kolkata and Eastern India: In Kolkata, 24 carat gold was recorded at ₹1,49,350 and 22 carat jewelery gold at ₹1,36,900 per 10 grams.

• Lucknow and Uttar Pradesh: In the city of Nawabs, Lucknow, the rate of 24 carat pure gold was seen stable at ₹1,49,430 and that of 22 carat at ₹1,36,980 per 10 grams.

Several important economic factors at the international and domestic level are working together behind this recent decline in gold prices:

1. Profit Booking: Gold prices had reached their all-time high in the last fortnight. Whenever a commodity hits its record high, large institutional investors and hedge funds start booking profits. Heavy selling by investors in foreign markets (COMEX) has had a direct impact on the Indian bullion market.

2. US bond yields and dollar movements: Institutional flows into non-yielding assets such as gold have slowed down due to fluctuations in the US 10-year Treasury bond yield and dollar index in the international market. When global investors turn to the bond market, spot demand for gold comes under pressure.

3. Hope for diplomatic talks in West Asia: Reports of diplomatic talks by the UN and regional mediators amid ongoing geopolitical tensions in Yemen and the Red Sea region have slightly reduced the immediate war risk premium, leading to some pause in ‘safe haven’ buying in gold.

4. Impact of domestic import duty cut: Since the Central Government rationalized the Customs Duty on gold and silver in the recent budget, illegal smuggling has been curbed and the supply situation in the domestic market has remained better, due to which there is no sudden artificial shortage being created at the local level.

In Indian culture, the nine days of Navratri, Karva Chauth and the holy festivals of Dhanteras and Diwali that follow are considered the most auspicious time for purchasing precious metals. According to the Hindu calendar, bringing gold or silver home during these days is considered a symbol of Goddess Lakshmi and happiness and prosperity. According to bullion traders, the retail market is getting the direct psychological benefit of the price falling below ₹ 1.50 lakh. Families who were hesitant in buying jewelery for the upcoming wedding season are now turning to shops and big showrooms. Big retailers like Tanishq, Kalyan Jewellers, Malabar Gold and PC Jeweler have also announced 20% to 50% discount on making charges on the occasion of Navratri, giving double benefit to the customers.

Customers often get confused about the mathematics of carats when making retail purchases:

• 24 Carat (99.9% pure): It is considered to be the purest gold and its official hallmark code is ‘999’. Since it is very flexible and soft, it is not used in making jewellery. It is mainly used for investment in the form of gold coins, bars and biscuits (solid gold).

• 22 carat (91.6% pure): 22 carat gold is best suited for making Indian traditional wedding jewellery, which has the hallmark code ‘916’. It consists of 91.6% pure gold and the remaining 8.4% strong metals like copper or silver are added to give strength to the jewellery.

• 18 carat (75.0% pure): Its hallmark code is ‘750’. It is mostly used for modern and light jewelery (Diamond & Studded Jewellery) studded with diamonds and kundan. It is harder and more economical than 22 carat.

Under the strict rules of the Bureau of Indian Standards (BIS), the 6-digit ‘HUID’ (Hallmark Unique Identification) code has been made mandatory on gold jewelery across the country. It is important to keep these things in mind while buying jewellery:

1. Check three marks: Every gold jewelery should be engraved with the triangular logo of BIS, purity grade (like 22K916 or 18K750) and 6 digit alphanumeric HUID code.

2. BIS Care App: Customers can download the BIS Care app in their mobile and scan the 6 digit HUID code recorded on the jewellery. This immediately displays the jeweler’s name, license number and hallmarking date on the screen.

3. Get confirmed GST bill: Always avoid cash purchases without bills. The final bill should contain separate details of net weight of gold, making charges and 3% GST. If the same jewelery has to be exchanged or sold in the future, the jeweler is legally bound to pay the correct price for the entire weight and purity by having a confirmed bill.

Commodity and bullion market analysts believe that the current decline is a healthy technical correction. Historically, gold demand in India is at its peak during October to December due to festivals and weddings. According to experts, in view of inflation in the global economy, uncertainty of interest rates and possible weakening of the dollar, the long-term fundamentals of gold remain very strong. If you are planning to buy gold for Dhanteras or wedding, the safest and prudent strategy would be to buy in staggered manner in the current decline rather than waiting for a big crash.