look news india
With the arrival of the holy festival of Karva Chauth and the upcoming Dhanteras and Diwali, a huge surge in the purchase of gold and jewelery is being recorded in the bullion markets across the country. Due to the upcoming wedding season and the tradition of gifting gold jewelery and coins to the wife on Karva Chauth, the demand in the retail market remains strong. Amid geopolitical uncertainties in the international market and fluctuations in the rupee against the dollar, the yellow metal prices are trading strongly near record levels in the domestic spot market. Today, a strengthening trend is clearly visible in the prices of 22 carat (jewelry gold) and 24 carat (pure gold) in Uttar Pradesh, Bihar, Delhi-NCR and major metros of South India. Latest gold prices (per 10 grams) in 10 big cities from Delhi to Patna. There is a slight variation in the prices of gold in different states of the country due to local VAT, octroi and transportation costs. The average market prices of 22 carat and 24 carat gold in 10 major cities are as follows: City 22 carat gold (per 10 grams) 24 carat gold (per 10 grams) Market Trend Delhi (NCR) ₹1,31,450 – ₹1,36,270 ₹1,43,350 – ₹1,48,020 Uptrend Lucknow (UP) ₹1,31,360 – ₹1,31,950 ₹1,43,300 – ₹1,44,050 Strong demand Patna (Bihar) ₹1,31,500 – ₹1,35,340 ₹1,43,450 – ₹1,47,640 Uptrend continues Mumbai ₹1,31,250 – ₹1,36,470 ₹1,43,150 – ₹1,48,240 Strong Turnover Kolkata ₹1,31,300 – ₹1,36,510 ₹1,43,200 – ₹1,48,280 Steady rise Chennai ₹1,31,850 – ₹1,36,730 ₹1,43,800 – ₹1,48,520 Festival premium Jaipur ₹1,31,480 – ₹1,36,350 ₹1,43,380 – ₹1,48,100 Retail buying picked up Ahmedabad ₹1,31,350 – ₹1,36,300 ₹1,43,250 – ₹1,48,050 Subscription increased Bengaluru ₹1,31,550 – ₹1,36,700 ₹1,43,450 – ₹1,48,480 Demand continued Hyderabad ₹1,31,400 – ₹1,36,650 ₹1,43,300 – ₹1,48,350 Shopping Fast (Note: The base prices given above are without 3% GST and making charges. Making charges and taxes are added separately in the final billing at the jewelery shop.) What is the basic difference between jewelery gold and pure gold? It is important for consumers to have a correct understanding of the technical difference between 24 karat and 22 karat while shopping during the festive season: 24 karat gold (99.9% purity): This is the purest form of gold. Being extremely flexible and soft, complex jewelery cannot be made directly from it. It is mainly used in the form of gold coins, bars and digital or ETF investments. 22 karat gold (91.6% purity – 916 hallmark): It contains 91.66% pure gold and the remaining 8.34% is mixed with other metals (like copper, silver or zinc) to provide strength to the jewellery. In India, traditional jewelery like rings, necklaces, bracelets and mangtikas are made in 22 carats only. 18 karat gold (75% purity): The use of 18 karat gold is becoming increasingly popular for modern and lightweight diamond-studded jewelry, which costs relatively less than 22 karat. While buying gold on Karva Chauth, keep these 4 things in mind To avoid any kind of fraud amidst the crowd and excitement, make it mandatory to follow these security standards: Check the 6 digit HUID Hallmark: According to the rules of the Central Government, the sale of gold without the 6 digit alphanumeric HUID (Hallmark Unique Identification) code is illegal from April 1, 2023. Buy jewelery only after looking at the BIS logo and six-digit unique code through a magnifying glass. Verify on BIS Care App: Visit the official ‘BIS Care App’ of Bureau of Indian Standards and enter the HUID code printed on the jewellery. This will immediately display the purity of the jewelery (carat), date of manufacture and name of the authorized jeweler on the screen. Transparent breakup of making charges and weight: Always get the jewelery weighed twice on electronic scales. Enter the net weight of gold, applicable price per gram, making charges and 3% GST separately in the confirmed bill. Separate the weight of the studded stones: If you are purchasing jewelery studded with Kundan, Polki or other gemstones, ensure that the billing is done on the actual weight of gold only and not on the total combined weight of the stones. According to bullion traders, after Karva Chauth, the demand for gold will remain strong till Dhanteras, due to which there seems to be limited possibility of softening of prices in the coming trading sessions.