Gold prices remained close to a one-week low as rising crude oil prices and tensions in the Middle East increased concerns about inflation. Buyers planning to purchase precious metals should check the latest local rates before visiting a jewellery store, as prices can vary by location and change with market conditions.
Gold is sold in different purity levels in India. 24-karat gold is the purest form, while 22-karat gold is widely used for jewellery because it is more durable and suitable for making ornaments.
Gold and Silver Prices on October 22
The following table lists the reported prices of 22-karat gold, 24-karat gold and silver in major Indian cities.
| City | 22K Gold | 24K Gold | Silver (1 kg) |
|---|---|---|---|
| New Delhi | ₹13,404 | ₹14,622 | ₹2,29,900 |
| Mumbai | ₹13,389 | ₹14,607 | ₹2,29,900 |
| Chennai | ₹13,389 | ₹14,607 | ₹2,29,900 |
| Kolkata | ₹13,389 | ₹14,607 | ₹2,29,900 |
| Bengaluru | ₹13,389 | ₹14,607 | ₹2,29,900 |
| Hyderabad | ₹13,389 | ₹14,607 | ₹2,29,900 |
Note: The gold prices are reproduced as provided in the source information. Buyers should confirm the applicable unit, current rate and final jewellery price with a local jeweller before purchasing.
Important Things to Check Before Buying Gold or Silver
Check Purity and Hallmarking
Before purchasing gold, look for BIS hallmarking to verify its declared purity. Check whether the item is 24K, 22K or 18K, depending on the type of gold you intend to buy.
Confirm the Latest Market Rate
Gold and silver prices can change with market conditions. Check the prevailing rate with a reliable local jeweller on the day of purchase to understand the metal cost before adding other charges.
Ask for a Detailed Bill
Always request an itemised invoice that clearly lists the weight and base price of the metal, making or designing charges, and applicable Goods and Services Tax (GST). Reviewing these details can help you understand the total amount payable.
Understand What Influences Silver Prices
Silver prices are influenced by investment demand as well as industrial consumption. Its use in electronics and green technologies can affect demand, meaning silver may follow a different price pattern from gold.
What Should Buyers Keep in Mind?
Before making a purchase, compare prices, verify purity and review all additional charges. The final cost of jewellery may differ from the quoted metal rate because of making charges, taxes and other applicable costs.
Checking these details in advance can help buyers make a more informed decision when purchasing gold or silver.
Disclaimer: This article is intended for general informational purposes only and does not constitute financial or investment advice. Precious metal prices fluctuate, and the rates listed above may not reflect current market prices or the final amount charged by a jeweller. Confirm the latest rates, purity and applicable charges with an authorised seller before purchasing.