Gold prices have seen a significant drop in the past week. Gold has become cheaper by approximately ₹5,500 in MCX and the domestic market. Now is an opportunity for investors and buyers.
Gold Rate Update: If you have been planning to buy gold for a long time and were waiting for prices to come down, now is a golden opportunity for you. Gold prices have witnessed a significant decline in the past week. There has been a sharp fall in gold prices in both the Multi Commodity Exchange (MCX) and the domestic market.
Gold cheaper by approximately ₹5,500 on MCX
On June 20 last week, the price of 24-carat gold with August expiry on MCX was ₹99,109 per 10 grams. In the same week, it went up to a record high of ₹1,01,078 per 10 grams. However, on June 27, it fell to ₹95,524 per 10 grams. This means a fall of ₹3,585 in a week. If we compare it to its high level, gold has become cheaper by ₹5,554 per 10 grams. On Friday, June 27 alone, there was a decline of 1.61 percent, or ₹1,563.
Significant decrease in prices in the domestic market as well
According to the website of the Indian Bullion Jewelers Association (IBJA), gold prices have also fallen across the country. Where the price of 24-carat gold was ₹98,691 per 10 grams on June 20, it fell to ₹95,780 on June 27. This means a fall of ₹2,911 per 10 grams in the domestic market in a week.
Latest gold prices in various carats
24 Carat Gold: ₹95,780/10 grams
22 Carat Gold: ₹93,490/10 grams
20 Carat Gold: ₹85,250/10 grams
18 Carat Gold: ₹77,590/10 grams
14 Carat Gold: ₹61,780/10 grams
Note that the prices issued by IBJA are the same across the country. However, while buying jewelry in the bullion markets, 3 percent GST and making charges have to be paid separately, which can lead to a difference in the final price.
Which gold is better for jewelry
Generally, 22-carat gold is used for jewelry because it is a little ber and provides good strength in designs. Some people also use 18-carat gold, especially for light and fashionable designs. The purity of gold can be easily checked through hallmarking.
999 on 24 carat gold
958 on 23 carat
916 on 22 carat
875 on 21 carat
750 on 18 carat
These numbers are inscribed on the jewelry and confirm the purity.
How to check the gold rate of your city
The prices of gold and silver change every business day in the country. If you want to know the latest gold rate of your city, you can get information by giving a missed call to the number 8955664433. You will get the latest rates via SMS within a few minutes. Apart from this, you can also check the latest prices by visiting the ibjarates.com website.
