New Delhi/Patna : Gold prices declined on October 5, while silver became more expensive, according to rates cited from the India Bullion and Jewellers Association (IBJA).
The price of 24-carat gold fell by Rs 353 per 10 grams, bringing the rate to around Rs 1.48 lakh per 10 grams.
In contrast, the price of silver increased by Rs 2,105 per kilogram, reaching around Rs 2.23 lakh per kilogram.
Gold Price Falls After September Decline
Gold had already recorded a significant decline in September.
According to the reported IBJA rates, gold was priced at around Rs 1.56 lakh per 10 grams on August 31. By September 30, the price had fallen to around Rs 1.48 lakh, representing a decline of approximately Rs 8,000 during the month.
Silver also declined during September. Its price fell from around Rs 2.37 lakh per kilogram on August 31 to approximately Rs 2.20 lakh per kilogram on September 30.
Will Gold Prices Continue to Fall?
Gold and silver prices may remain volatile in the near term, with several factors influencing the precious metals market.
Market conditions, interest-rate decisions, geopolitical developments and investor demand can all affect gold and silver prices.
Gold can also attract investors during periods of economic or geopolitical uncertainty because it is traditionally considered a safe-haven asset.
Investors should therefore remain cautious and track market movements before making investment decisions.
What to Check Before Buying Gold
Consumers planning to buy gold jewellery should check its purity and the applicable price before completing a purchase.
1. Buy BIS-Hallmarked Gold
Buy gold carrying the Bureau of Indian Standards (BIS) hallmark and verify the relevant hallmarking details. Hallmarking provides information about the purity of the gold.
2. Cross-Check the Price
Buyers should check the day’s gold rate from reliable sources before purchasing jewellery. Rates vary according to purity, including 24-carat, 22-carat and 18-carat gold.
Customers should also check the weight, making charges, taxes and other applicable costs before finalising a purchase.
How to Check Silver Purity
Several commonly used home tests are often suggested for identifying silver, including the magnet and ice tests. However, these methods are not definitive proof of purity.
For reliable verification, buyers should check hallmarking and have the metal tested by a reputable jeweller or an authorised testing facility.
A magnet test, for example, can provide only limited information because different metals and alloys may behave differently. Similarly, the ice or cloth tests should not be treated as conclusive purity checks.
Gold and Silver Rates May Remain Volatile
With gold declining while silver gained on October 5, the precious-metals market continues to show mixed movement.
Consumers and investors should check the latest IBJA or jeweller rates before buying, as prices can change during the day and retail jewellery prices may differ from benchmark bullion rates.
