Gold Price Today: 24K Rate Jumps ₹550 per 10 gm, Snaps Two-Day Fall

New Delhi, Oct 7: Gold in India rose sharply on Wednesday, with 24 karat gold (99.9% purity) at ₹14,957 per gram in most cities, 22 karat (91.6% purity) at ₹13,710 per gram and 18 karat at ₹11,218 per gram, according to Goodreturns.in.  

The 24K rate is up ₹55 per gram from Tuesday’s level, a gain of about 0.37 per cent, or ₹550 per 10 grams. The 22K rate rose ₹50 per gram, while 18K gold gained ₹41 per gram in most cities. This ended a two-session slide in which 24K gold lost ₹1,260 per 10 grams, and it recovered about 44 per cent of that fall in a single day. On a 10-gram basis, 24K gold is quoted at ₹1,49,570, 22K at ₹1,37,100 and 18K at ₹1,12,180 in the Mumbai cluster of cities. 

The rise is much bigger than Tuesday’s decline of ₹160 per 10 grams and takes the 24K rate above Monday’s level of ₹1,49,180 per 10 grams. Gold prices in India track international bullion rates and the dollar-rupee exchange rate, so a move of this size usually reflects overnight changes in global cues and the currency. The broader equity market was weaker in late-morning trade, with the Nifty 50 trading around 22,697, down about 0.35 per cent, which meant gold moved against the direction of stocks on the day. 

The 24K rate rose by ₹55 per gram in the cities that follow the national rate, but the increase was ₹53 per gram in Delhi, Vadodara and Ahmedabad, which trimmed their premiums. Delhi had the highest 24K rate at ₹14,970 per gram, a ₹13 premium over the Mumbai-Kolkata-Bangalore-Hyderabad-Kerala-Pune cluster at ₹14,957, down from ₹15 on Tuesday. Vadodara and Ahmedabad were at ₹14,960, a premium of ₹3 against ₹5 the previous day. The 22K rate rose by ₹50 per gram everywhere, so Delhi’s ₹15 premium, with 22K gold at ₹13,725 per gram against ₹13,710, remained unchanged. In 18K gold, Chennai was at ₹11,265 per gram, a gap of ₹47 over the Mumbai cluster at ₹11,218, up from ₹43 on Tuesday. 

City-Wise Gold Rates: Today vs Tuesday 

The tables below set Tuesday’s (Oct 6) 10-gram gold rates for ten major Indian cities against Wednesday’s (Oct 7) rates, along with the change over the period. All ten cities showed an increase in each of the three purities. 

24K Gold: 10 Major Cities (per 10 grams) 

City	Tue, Oct 6	Wed, Oct 7	Diff
Chennai	₹1,49,020	₹1,49,570	+₹550
Mumbai	₹1,49,020	₹1,49,570	+₹550
Delhi	₹1,49,170	₹1,49,700	+₹530
Kolkata	₹1,49,020	₹1,49,570	+₹550
Bangalore	₹1,49,020	₹1,49,570	+₹550
Hyderabad	₹1,49,020	₹1,49,570	+₹550
Kerala	₹1,49,020	₹1,49,570	+₹550
Pune	₹1,49,020	₹1,49,570	+₹550
Vadodara	₹1,49,070	₹1,49,600	+₹530
Ahmedabad	₹1,49,070	₹1,49,600	+₹530

22K Gold: 10 Major Cities (per 10 grams) 

City	Tue, Oct 6	Wed, Oct 7	Diff
Chennai	₹1,36,600	₹1,37,100	+₹500
Mumbai	₹1,36,600	₹1,37,100	+₹500
Delhi	₹1,36,750	₹1,37,250	+₹500
Kolkata	₹1,36,600	₹1,37,100	+₹500
Bangalore	₹1,36,600	₹1,37,100	+₹500
Hyderabad	₹1,36,600	₹1,37,100	+₹500
Kerala	₹1,36,600	₹1,37,100	+₹500
Pune	₹1,36,600	₹1,37,100	+₹500
Vadodara	₹1,36,650	₹1,37,150	+₹500
Ahmedabad	₹1,36,650	₹1,37,150	+₹500

18K Gold: 10 Major Cities (per 10 grams) 

City	Tue, Oct 6	Wed, Oct 7	Diff
Chennai	₹1,12,200	₹1,12,650	+₹450
Mumbai	₹1,11,770	₹1,12,180	+₹410
Delhi	₹1,11,920	₹1,12,330	+₹410
Kolkata	₹1,11,770	₹1,12,180	+₹410
Bangalore	₹1,11,770	₹1,12,180	+₹410
Hyderabad	₹1,11,770	₹1,12,180	+₹410
Kerala	₹1,11,770	₹1,12,180	+₹410
Pune	₹1,11,770	₹1,12,180	+₹410
Vadodara	₹1,11,820	₹1,12,230	+₹410
Ahmedabad	₹1,11,820	₹1,12,230	+₹410

Source: Goodreturns.in 

Among the three purities, 24K gold saw the biggest rise at ₹550 per 10 grams in most cities, followed by ₹500 for 22K gold and ₹410 for 18K gold. The increase in 24K gold was smaller in Delhi, Vadodara and Ahmedabad at ₹530 per 10 grams, which narrowed their premiums over the Mumbai cluster. Chennai’s 18K gold rose by ₹450 per 10 grams, ₹40 more than the ₹410 seen in other cities, which widened its premium. The 22K rise was ₹500 in every city, leaving the city-wise premiums for that purity unchanged. Even so, the rates for all three purities are now above Monday’s levels in every one of the ten major cities tracked. 

Keep in mind that these are bullion rates. Jewellery will cost more than these rates because you will have to pay making charges, wastage charges and 3% GST on the value of the gold. If you want to invest in gold but do not want to worry about storing it or its purity, you can consider gold ETFs. These ETFs track gold prices and do not require you to physically own the metal. These are indicative prices, so please check with your nearest jeweller or dealer for the final rate before making a purchase. 

With the festive season approaching and Navratri, Dussehra, Dhanteras and Diwali still to come, buyers will be watching whether Wednesday’s rise is the start of a recovery or only a temporary bounce. For wedding purchases, most customers would have already decided how much they want to spend, so any daily rise or fall in gold prices will reflect in the total amount spent by the end of the season. A rise of ₹550 per 10 grams is small compared with a price of approximately ₹1.5 lakh, but for a 50g purchase it means paying ₹2,750 more than on Tuesday, while a 100g purchase of 24K gold would cost ₹5,500 more. 

Jewellery Stocks Today 

Jewellery stocks listed on the stock exchange witnessed a mixed trend in late-morning trade on Wednesday. With the Nifty 50 trading around the 22,697 level and down 0.35 per cent, Kalyan Jewellers India topped the list of gainers, followed by Thangamayil Jewellery and PC Jeweller. Titan Company traded sharply lower. These four stocks span various segments of the jewellery industry, from Titan Company, one of the largest companies in the space, to PC Jeweller, which trades at around the ₹13 level. 

Company	Ticker	Price	Change
Titan Company	TITAN	₹4,387.60	-₹162.40 (-3.57%)
Kalyan Jewellers India	KALYANKJIL	₹570.05	+₹21.90 (+4.00%)
Thangamayil Jewellery	THANGAMAYL	₹4,825.00	+₹66.50 (+1.40%)
PC Jeweller	PCJEWELLER	₹13.09	+₹0.16 (+1.24%)

Source: NSE market data 

Kalyan Jewellers India was the top performer on Wednesday. It opened at ₹547.40 against the previous closing price of ₹548.15 and fell to a low of ₹542.55 in the initial minutes of trade. It then recovered steadily and moved up to a high of ₹570.50. It is currently trading at ₹570.05, up 4 per cent and close to its high for the day, and above its volume-weighted average price (VWAP) of ₹561.70. 

Thangamayil Jewellery opened at ₹4,758.50, the same as the previous closing price, and fell to a low of ₹4,666.00 in the first few minutes of trade. It then recovered, crossed the previous close and moved up to a high of ₹4,859.00 later in the morning. It is currently trading at ₹4,825.00, up 1.40 per cent and above its VWAP of ₹4,781.98. 

PC Jeweller opened at ₹12.95 against the previous closing price of ₹12.93 and dipped to a low of ₹12.87. It then climbed to a high of ₹13.19. The stock is currently trading at ₹13.09, up 1.24 per cent and above its VWAP of ₹13.01. 

Titan Company was the worst performer on Wednesday. The stock is currently trading at ₹4,387.60, down ₹162.40 or 3.57 per cent, which makes it the only counter among the four in the red and a heavy drag on the group. The price is also far below the range of ₹4,553.70 to ₹4,600.00 in which the stock traded during Tuesday’s morning session. 

Kalyan Jewellers, Thangamayil Jewellery and PC Jeweller were all trading above their respective VWAPs, indicating that buying interest strengthened as the morning progressed. Kalyan Jewellers and Thangamayil Jewellery saw sharp recoveries after weak starts. Kalyan Jewellers was down about 1 per cent at its low but is now up 4 per cent, while Thangamayil Jewellery, which was down about 2 per cent at its low, is now up 1.4 per cent. Both stocks moved in the opposite direction to the Nifty 50, which was down 0.35 per cent. 

An analysis of the order book shows that sell quantity was marginally higher than buy quantity for all three of these counters. Kalyan Jewellers India had 50.46 per cent of the total quantity on the sell side, with 7,52,145 shares against 7,38,489 shares on the buy side. Thangamayil Jewellery was almost evenly balanced, with 50.05 per cent on the sell side. PC Jeweller had the highest sell quantity, at 56.95 per cent of the total quantity of approximately 5.71 crore shares. There were about 3.25 crore shares on the sell side against 2.46 crore shares on the buy side. 

Gold ETFs in India are an option for investors who want to invest in gold without buying the physical metal. Click here to know more: https://hdfcsky.com/etf/gold-etf 

Source

•  Goodreturns.in
• NSE market data.
• Rates are indicative and subject to change; confirm with your local dealer before purchase.