Is gold still shining bright, or has its sparkle dimmed a little? As we enter December 2024, the festive fervor of the wedding season has subsided, leading to a slight dip in gold prices across India. This article delves into the current gold market scenario, exploring the latest rates for different purities and providing insights for savvy Indian buyers.
Nationwide Gold Prices: A Mild Downtrend Post Wedding Season
According to the Indian Bullion Jewelers Association, or IBJA, there is a downtrend in gold prices on 17th December 2024. The price of 24-carat gold (999 purity) has been lowered to ₹76,584 per 10 grams in comparison to the wedding season rush. This pattern holds true for other purity levels too.
Purity Levels Explained and Their Latest Prices
Understanding the purity of gold is important for Indian consumers. Here’s a rundown of the current rates based on purity levels according to ibjarates.com:
995 Purity (24-carat): ₹76,277 per 10 grams (down ₹323)
916 Purity (22-carat): ₹70,151 per 10 grams (down ₹297) – This is the most popular choice for jewelry in India.
750 Purity (18-carat): ₹57,438 per 10 grams (down ₹243)
850 Purity (14-carat): ₹44,802 per 10 grams
Silver Sees a Price Dip Too The price of silver hasn’t been left behind in the downtrend either. Silver with 999 purity currently stands at ₹89,001 per kg, down by ₹514.
Important Things to Know Before Buying Gold
Though the IBJA rates provide a national benchmark, the final price you pay may vary slightly. Here’s what you need to know: Taxes and Making Charges: The IBJA rates are not inclusive of GST and the making charges levied by jewellers for manufacturing gold. These extra charges would add a little more to the final price.
Regional Variations
Though the IBJA rates are the standard, there could be some minor variations based on the region. Delhi, Chennai, Kolkata, and Hyderabad may have a slightly higher price than the national average. Delhi, Chennai, Kolkata, and Hyderabad Gold Prices (as of December 17th, 2024):
City 22K Gold Rate (₹ per 10 grams) 24K Gold Rate (₹ per 10 grams)
Delhi 71,540 78,030
Chennai 71,390 77,880
Kolkata 71,390 77,880
Hyderabad 71,390 77,880
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The Takeaway: A Buyer’s Market for Gold in December 2024 This post-wedding season gives an opportunity for the Indian consumers who want to purchase gold. Prices being down a bit, is good time to make that much-awaited gold purchase, although don’t forget the extra expenses on taxes and making charges along with regional variation if any while calculating the cost of your gold investment. You will be in an informed position and have price comparisons of various jewellers in making a sound judgment amidst this constantly changing landscape of the Indian gold market.
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