Patna : Gold and silver prices recorded marginal increases on October 26, with the price of 24-carat gold rising by Rs 80 to Rs 1,41,000 per 10 grams and silver gaining Rs 64 to Rs 1,94,000 per kilogram, according to the India Bullion and Jewellers Association (IBJA).
The increase came amid fluctuations in precious metal prices, with both gold and silver registering modest gains over their previous reported rates.
Gold And Silver Prices On October 26
According to IBJA data, the price of 10 grams of 24-carat gold increased by Rs 80 to Rs 1.41 lakh on October 26.
Silver prices also edged higher during the day. The price of one kilogram of silver rose by Rs 64 to Rs 1.94 lakh.
The figures reflect the reported IBJA rates. The final retail price paid by buyers may vary depending on the jeweller, applicable taxes, making charges and other costs.
Should Buyers Purchase Gold And Silver Now Or Wait?
Commodity expert Ajay Kedia has advised buyers to consider purchasing gold and silver in instalments rather than investing the entire amount at once.
According to his recommendation, buyers can make an initial purchase and spread the remaining purchases over intervals of 15 to 20 days. This approach allows them to stagger their purchases instead of committing the entire amount at a single price point.
For investment purposes, Kedia has suggested considering a longer time horizon of six months to one year rather than focusing only on short-term price movements over one or two months.
However, precious metal prices can fluctuate, and buyers should consider their financial circumstances and investment objectives before making a decision.
Two Things To Check Before Buying Gold
Buyers should verify the purity and prevailing price of gold before purchasing jewellery or investment-grade gold.
- Buy BIS-Hallmarked Gold
Consumers should check for the Bureau of Indian Standards (BIS) hallmark when purchasing gold jewellery. Hallmarking helps establish the purity of the gold. Buyers should also verify the applicable hallmark identification details and obtain a proper purchase invoice.
- Cross-Check The Gold Price
Buyers should compare the prevailing gold rate across reliable sources, including IBJA, before making a purchase. Gold prices differ according to purity, with 24-carat, 22-carat and 18-carat gold carrying different rates.
