Gold, silver prices fall ahead of Diwali; 24-carat gold at Rs 1.42 lakh per 10 grams

With Diwali approaching, buyers have some relief from the gold and silver market. Prices of both metals have come down on most days in October.

According to India Bullion and Jewellers Association (IBJA) data, 24-carat gold fell Rs 452 to Rs 1.42 lakh per 10 grams on October 29. Silver also saw a sharp fall, with a kilogram becoming cheaper by Rs 2,964 to reach Rs 1.90 lakh.

So far this month, gold has dropped Rs 6,000 and silver Rs 30,000. In September, too, gold had become cheaper by Rs 8,000 and silver by Rs 15,000. Gold stood at Rs 1.56 lakh at the end of August and had come down to Rs 1.48 lakh by the end of September.

The main reason for the fall is believed to be the US Federal Reserve raising interest rates for the first time in three years. On the other hand, the US-Iran conflict and economic uncertainty across the world could lend gold support again later, since gold has always been regarded as a safe investment in times of crisis.

Market experts say signs of weakness remain in the market. They advise investors not to put in all their money at once but to buy in stages. Buying gold and silver at intervals of 15 to 20 days can be beneficial. Experts also say investors should take a view of six months to one year rather than a short-term one.

Now to today's rates. According to IBJA, 24-carat gold was priced at Rs 1,42,255 per 10 grams on the morning of Friday, October 30. The other rates for the morning, per 10 grams, are: 22-carat gold Rs 141,685, 20-carat gold Rs 130,306, 18-carat gold Rs 106,691 and 14-carat gold Rs 83,219.

Across cities, including Mumbai, Thane, Ratnagiri, Pune, Nagpur, Kolhapur, Chhatrapati Sambhajinagar, Jalgaon, Sangli and Baramati, today's rate is recorded at Rs 142,255 per 10 grams.

Silver was priced at Rs 1,90,478 per kilogram on the morning of Friday, October 30, according to IBJA.