Patna : Gold and silver prices declined further on Thursday, October 29, ahead of Diwali, according to rates released by the India Bullion and Jewellers Association (IBJA).
The price of 24-carat gold fell by Rs 563 to approximately Rs 1.42 lakh per 10 grams. Silver prices also weakened, with one kilogram becoming cheaper by Rs 2,945 to around Rs 1.90 lakh.
The latest decline adds to the broader downward trend recorded this month. Gold has become approximately Rs 6,000 cheaper in October so far, while silver prices have fallen by nearly Rs 30,000.
Gold And Silver Prices Have Fallen In October
The decline follows a significant fall in bullion prices during September.
Gold was priced at around Rs 1.56 lakh per 10 grams on August 31 before falling to approximately Rs 1.48 lakh by September 30, a reduction of about Rs 8,000.
Silver prices also declined during the month. The price of one kilogram fell from approximately Rs 2.37 lakh on August 31 to Rs 2.22 lakh on September 30, marking a decrease of around Rs 15,000.
The continued decline in October has further reduced prices for buyers planning purchases ahead of the festive season.
Will Gold And Silver Prices Continue To Fall?
Market experts expect gold and silver prices to remain volatile in the near term. Several international factors, including US monetary policy, geopolitical tensions and broader economic uncertainty, could influence the direction of bullion prices.
Changes in US Federal Reserve interest rates can affect gold prices by influencing bond yields, the US dollar and the relative attractiveness of non-interest-bearing assets such as gold.
At the same time, geopolitical tensions, including the reported US-Iran conflict, and wider economic uncertainty could support demand for gold as a safe-haven asset.
Investors are therefore advised to remain cautious, as prices could move in either direction depending on changing market conditions.
Commodity expert Ajay Kedia has recommended staggered purchases rather than investing the entire amount at once. Under this approach, buyers can purchase a portion initially and spread the remaining purchases over intervals of 15 to 20 days.
For those considering gold and silver as investments, Kedia suggests looking at a horizon of six months to one year rather than focusing only on short-term price movements.
Two Things To Check Before Buying Gold
- Buy BIS-Hallmarked Gold
Consumers should check that gold jewellery carries the required Bureau of Indian Standards (BIS) hallmark. Hallmarking provides information about the purity of the gold.
Buyers should verify the hallmark details and ensure that the purity claimed by the jeweller matches the product being purchased.
- Cross-Check The Price Before Purchasing
Buyers should verify the day’s gold rate through reliable sources, including IBJA, before making a purchase.
Prices vary according to purity, with different rates for 24-carat, 22-carat and 18-carat gold. The final jewellery bill may also include making charges and applicable taxes, so consumers should check the complete cost before paying.
With gold and silver prices continuing to fluctuate ahead of Diwali, buyers should compare current rates and verify purity before making purchasing decisions.
