Gold and silver prices have witnessed a decline, bringing some relief to buyers planning to purchase jewellery during Navratri. According to the India Bullion and Jewellers Association (IBJA), gold prices dropped on October 12, with the rate of 10 grams of 24-carat gold falling by ₹1,005 to approximately ₹1.48 lakh.
Silver prices also moved lower during the session. The price of one kilogram of silver declined by ₹235 to ₹2,20,874. Meanwhile, gold prices on the Multi Commodity Exchange (MCX) recorded a sharper fall of more than ₹1,400 per 10 grams in a single move. Silver futures also traded below the ₹2.25 lakh level.
Here is a breakdown of the latest gold and silver rates reported by IBJA.
Gold Rate Today for 24, 23, 22, 18 and 14 Carat
The IBJA’s reported rates show a decline across different gold purity categories. The prices for 10 grams of gold are as follows:
| Gold Purity | Price for 10 Grams |
|---|---|
| 24-Carat Gold | ₹1,48,000 approximately |
| 23-Carat Gold | ₹1,47,831 |
| 22-Carat Gold | ₹1,35,957 |
| 18-Carat Gold | ₹1,11,319 |
| 14-Carat Gold | ₹86,829 |
These rates can help buyers compare gold prices across different purity levels before purchasing jewellery. The final amount payable at a jewellery store may differ depending on applicable taxes, making charges and the jeweller’s pricing.
Silver Rate Today: One Kilogram Costs ₹2,20,874
Silver prices also recorded a decline on October 12. According to IBJA, one kilogram of silver was priced at ₹2,20,874 after falling by ₹235.
Silver futures have also dropped considerably from their previous peak. During the final week of January, the price of one kilogram of silver crossed the ₹4 lakh mark for the first time. The current reported price is ₹1,95,722 below that peak.
How Much Have Gold Prices Fallen on MCX?
Gold prices on the MCX have experienced fluctuations in recent weeks. On August 31, the price of 10 grams of gold stood at ₹1,55,484 before declining to ₹1,49,036 on September 30.
Despite a fall during Monday’s trading session, gold was quoted at ₹1,50,056 amid the upward movement seen during October. These figures reflect changes in futures market prices over the specified period.
What Should Gold Buyers Know?
The recent decline in gold and silver prices may be relevant for people planning jewellery purchases during Navratri. However, bullion rates can change throughout the trading day, and prices may vary across cities and jewellers.
Buyers should check the latest local rates before making a purchase. Jewellery bills may also include making charges and applicable taxes, so the final cost can be higher than the quoted price of the gold itself.
Disclaimer: This article is intended for informational purposes only and does not constitute financial or investment advice. Gold and silver prices fluctuate according to market conditions and may vary by location and seller. Readers should verify the latest rates with IBJA, the relevant commodity exchange or a trusted jeweller before making purchasing or investment decisions.