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Gold Prices Fluctuate, End Week Lower in Indian Markets

New Delhi: Gold prices experienced significant volatility throughout the past week in both futures trading and domestic markets, ultimately ending the week with a decline.

On the Multi Commodity Exchange (MCX), the gold rate for December 5th expiry closed at ₹1,21,284 per 10 grams on Friday, a decrease of ₹224 from the previous day’s close. Throughout the week, MCX gold futures fluctuated, hitting a low of ₹1,20,628 and a high of ₹1,22,325. Comparing this to the previous Friday (October 24th) when the futures price was ₹1,23,451, gold has become cheaper by ₹2167 per 10 gram.

Domestic spot prices also mirrored this downward trend. According to the Indian Bullion Jewelers Association (IBJA), 24-carat gold closed at ₹1,20,770 per 10 grams on Friday, down from ₹1,21,518 per 10 grams on October 24th, a decrease of ₹748.

Here’s a breakdown of the closing prices for different gold purities as per IBJA:

  • 24 Carat Gold: ₹1,20,770 / 10 grams
  • 22 Carat Gold: ₹1,17,870 / 10 grams
  • 20 Carat Gold: ₹1,07,490 / 10 grams
  • 18 Carat Gold: ₹97,820 / 10 grams
  • 14 Carat Gold: ₹77,900 / 10 grams

While IBJA rates are uniform across India, consumers should remember that the final price of gold jewelry will vary due to making charges and the 3% GST.

Experts advise consumers to carefully check the hallmarking on gold jewelry, as it indicates purity. 24-carat gold is marked with 999, 22-carat with 916, and 18-carat with 750. Buyers are advised to verify these hallmarks to ensure they are getting the quality they are paying for.

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