As the festive buzz of Dhanteras and Diwali settles down, gold demand in India has started to cool off, leading to a drop in prices across major cities. Over the past week, gold futures on the Multi-Commodity
Exchange (MCX) have fallen by nearly 1.21 per cent, trading at Rs 1,22,600 as of 2 pm on Thursday, October 24.
Experts say the fall is linked to global uncertainty and investors waiting for the outcome of the upcoming US Federal Reserve meeting from October 28 to October 29. Until then, the pressure on domestic gold prices is likely to remain.
Gold Prices At Popular Jewellery Brands
For anyone planning to buy 22K gold jewellery, here is how the prices compare among leading brands: Malabar Gold & Diamonds, Joyalukkas, Kalyan Jewellers and Tanishq, as of 1:20 pm on October 24. These prices do not include GST or making charges.
Malabar Gold & Diamonds
Malabar Gold & Diamonds is offering 22K gold jewellery at Rs 11,500 per gram on October 24.
Joyalukkas
Joyalukkas has listed the same rate, Rs 11,500 per gram, for its 22K gold jewellery at outlets in Ahmedabad, Mumbai, Delhi and Bengaluru.
Kalyan Jewellers
Kalyan Jewellers’ 22K gold rate also stands at Rs 11,500 per gram across its stores in Mumbai, Ahmedabad, Bengaluru and Delhi.
Tanishq
Tanishq is charging slightly higher, with its 22K gold jewellery priced at Rs 11,505 per gram on October 24.
IBJA’s Gold Rates For Different Purities
The Indian Bullion and Jewellers Association (IBJA) releases daily gold rates for various purities, helping customers get a fair idea before making a purchase. As of October 24, the rates per gram are:
– 24K Fine Gold (999): Rs 12,242
– 22K Gold: Rs 12,193
– 20K Gold: Rs 11,214
– 18K Gold: Rs 9,181
– 14K Gold: Rs 7,162
Understanding Gold Hallmarking
Hallmarking is the process of testing and officially confirming the purity of precious metals like gold and silver. It ensures that the jewellery you buy meets the required purity standards. In India, only gold and silver items come under the hallmarking system managed by the Bureau of Indian Standards (BIS).
How To Verify Hallmarked Gold
If you want to check the authenticity of your jewellery, you can visit any BIS-recognised Assaying and Hallmarking Centre (AHC). These centres test samples for a small fee and issue an assay report that confirms the purity and identification of the jewellery.
Checking Gold Purity Through the BIS Care App
You can also verify your jewellery digitally using the BIS Care mobile app. Every hallmarked gold item carries a unique six-digit HUID (Hallmark Unique Identification) number printed on it. By entering this number in the app’s “Verify HUID” section, buyers can confirm whether the jewellery is genuine and check its purity before purchasing.
