Gold prices witnessed a fresh decline on Saturday, October 31, offering some relief to buyers ahead of the Diwali festive season. The precious metal continued its downward trend, with prices correcting amid pressure from international market developments.
The decline comes at a time when consumers traditionally increase gold purchases for jewellery, coins and investment purposes ahead of Diwali. The latest correction could provide some relief to buyers planning purchases during the festive season.
According to the latest rates, 24-carat gold is priced at Rs 13,888 per gram, while 22-carat gold stands at Rs 12,730 per gram. The price of 18-carat gold is Rs 10,416 per gram.
Gold price today, October 31: 24K, 22K and 18K rates
Here is a look at the latest gold prices across major Indian cities:
| City | 24K (10 grams) | 22K (10 grams) | 18K (10 grams) |
|---|---|---|---|
| Delhi | Rs 1,39,030 | Rs 1,27,450 | Rs 1,04,310 |
| Mumbai | Rs 1,38,880 | Rs 1,27,300 | Rs 1,04,160 |
| Chennai | Rs 1,38,880 | Rs 1,27,300 | Rs 1,04,160 |
| Kolkata | Rs 1,38,880 | Rs 1,27,300 | Rs 1,04,160 |
| Bengaluru | Rs 1,38,880 | Rs 1,27,300 | Rs 1,04,160 |
| Hyderabad | Rs 1,38,880 | Rs 1,27,300 | Rs 1,04,160 |
| Pune | Rs 1,38,880 | Rs 1,27,300 | Rs 1,04,160 |
| Ahmedabad | Rs 1,38,930 | Rs 1,27,350 | Rs 1,04,210 |
| Jaipur | Rs 1,39,030 | Rs 1,27,450 | Rs 1,04,310 |
| Lucknow | Rs 1,39,030 | Rs 1,27,450 | Rs 1,04,310 |
Why are gold prices falling?
Gold prices have been under pressure due to developments in international markets, including concerns surrounding US inflation and expectations of interest rate movements by the US Federal Reserve.
Higher interest rates generally make gold less attractive to investors as the precious metal does not offer interest returns. Rising oil prices and inflation concerns have also influenced investor sentiment, contributing to volatility in bullion markets.
Silver price today, October 31
Silver prices have also remained in focus amid fluctuations in the precious metals market. Like gold, silver is influenced by international market movements, currency fluctuations, investor demand and industrial consumption.
Buyers planning to purchase silver jewellery, coins or utensils ahead of Diwali should check the latest rates with local jewellers, as prices may vary across cities and sellers.
Difference between 24K, 22K and 18K gold
Gold prices vary depending on the purity of the metal.
- 24-carat gold: Considered the purest form of gold, with approximately 99.9% purity. It is commonly used for coins and bars.
- 22-carat gold: Contains approximately 91.6% pure gold and is widely used for jewellery.
- 18-carat gold: Contains 75% pure gold and is often used in diamond and gemstone jewellery.
What should buyers know before purchasing gold?
Consumers should remember that the quoted gold rates are indicative and do not necessarily represent the final purchase price. Jewellery prices may include making charges, GST and other applicable costs.
Buyers should also check the purity and hallmark certification before purchasing gold. With Diwali approaching, keeping track of daily gold and silver prices can help consumers make informed buying decisions.
