look news india
Before the beginning of the festive season and weddings, there is a relief news for the buyers of gold and silver. A declining trend has been observed in the prices of precious metals today on the domestic bullion market and Multi Commodity Exchange (MCX). Weakness in gold prices has been recorded at the domestic level due to the strength of the dollar index in the global market and profit booking by investors. In the major metros of the country, especially Mumbai and Kolkata, the price of jewelery gold i.e. 22 carat has fallen to the range of ₹ 1,37,090 to ₹ 1,37,100 per 10 grams. At the same time, the price of 24 carat pure gold has also slipped to around ₹ 1,49,570 per 10 grams. Along with gold, due to slowdown in industrial demand, softening of silver prices is also being seen, which is providing good relief to jewelery buyers before Dhanteras and Diwali.
There was a soft atmosphere in the gold retail market today in Mumbai and Kolkata, the two largest commercial and cultural centers of the country. The price of 22 carat gold in Mumbai has fallen by almost ₹610 from ₹1,37,090 to ₹1,37,100 per 10 grams, whereas a day earlier it had closed at ₹1,37,710. Whereas the price of 24 carat pure gold fell by ₹ 660 to ₹ 1,49,570 per 10 grams. Almost similar situation was seen in Kolkata, where the price of 22 carat hallmark gold, famous for traditional Bengali artisan jewellery, stood at the level of ₹ 1,37,090 to ₹ 1,37,100 per 10 grams. According to bullion experts, this immediate decline has been seen due to stabilization of bond yields at the international level and lightening of positions by traders after the recent record rise.
The impact of softening is clearly visible in the markets of North India also with a slight difference due to local taxes and octroi. In the country’s capital New Delhi, the price of 22 carat gold remains at ₹ 1,37,250 per 10 grams and the price of 24 carat gold remains at ₹ 1,49,700 per 10 grams. In Lucknow, the capital of Uttar Pradesh, 22 carat pure gold is trading at ₹ 1,37,250 and 24 carat pure gold at ₹ 1,49,700 per 10 grams. In south India, 22-carat gold rates in Chennai and Bengaluru were recorded at around ₹1,37,100, respectively. Talking about silver, the price of silver per kilogram has also declined by ₹ 800 to ₹ 1,200, due to which silver was seen slipping in the range of ₹ 1,75,000 to ₹ 1,80,000 per kilogram in major cities of the country.
According to bullion analysts, three major international and domestic factors are mainly responsible for the fall in gold prices today. The first reason is the stabilization of the US dollar and mixed statements from the Federal Reserve regarding interest rates, which put pressure on spot gold globally. The second reason is technical profit booking by investors and speculators after the one-sided rally in the past few days. The third important reason is the import duty structure in the domestic market and adjustment of stocks by importers. Jewelers usually make heavy purchases ahead of the festive season, but due to recent record high levels, retail buyers were waiting for any minor dips. Experts believe that the current fall is a great opportunity for those who want to get jewelery made for the upcoming wedding season.
Amid the fall in gold prices, whenever customers go to buy jewellery, they should not ignore the purity and hallmarking rules. As per Bureau of Indian Standards (BIS) rules, it is now illegal to sell gold without a 6-digit alphanumeric ‘HUID’ (Hallmark Unique Identification) code. While buying jewellery, always keep in mind that it is mandatory to have a purity mark of 999 on 24 carat pure gold, 916 on 22 carat jewelery gold and 750 on 18 carat gold. Apart from this, customers can check the purity of the jewelery purchased through ‘BIS Care App’ by entering the HUID number, name of the jeweler and complete details of the hallmarking center at home. Always make purchases only with GST bill, so that you do not have to face any deduction at the time of exchange or resale in future.