Gold Loses Its Luster During The Festive Season

Amidst the festive season rush for gold and silver, prices continue to trend downward. The price of 24-carat gold, which stood at ₹154,300 on October 10, has fallen to ₹147,000 as of October 22. This marks a decline of ₹7,300 in the price of gold over 12 days. This softening in prices may come as a relief to customers planning their festive season purchases.

According to the latest rates shared by Chandigarh-based jeweler Rajiv Sahdev, 22-carat gold is now priced at ₹135,200, down from ₹141,900 on October 10 a decrease of ₹6,700. Meanwhile, the price of 18-carat gold has dropped from ₹117,700 to ₹112,100, reflecting a decline of ₹5,600. Deep Krishna Chauhan, President of the Panchkula Jewellers Association, notes that the drop in prices has led to an increase in consumer buying during the festive season.

14-Carat Gold At ₹88,500

As per the latest figures, 14-carat gold is priced at ₹88,500, while 24-carat gold bars (plates) are priced at ₹146,800. Given the constant fluctuations in gold prices, customers are keeping a close watch on market trends before making purchases. While the decline in prices could benefit those looking to buy jewelry, the future direction of prices will depend on prevailing market conditions.

Silver Reaches 210 Rupees

Along with gold, the price of silver is also showing a softening trend. According to the latest rates, silver is priced at 210 rupees, while a silver coin costs 2,300 rupees. On October 10, silver was priced at 230 rupees and a coin at 2,600 rupees. Thus, there has been a decrease of 20 rupees in the price of silver and 300 rupees in the cost of a silver coin.

According to jewelers, the prices of gold and silver are influenced by the international market, the movement of the dollar, investor demand, and domestic market conditions. Customers should keep in mind that when purchasing jewelry, additional costs such as making charges, GST, and other applicable levies may be added to the quoted price of gold.