Gold slips 1.01% on MCX ahead of Diwali, trades at Rs 1,38,766 per 10 grams

With Diwali approaching, gold prices fell sharply in the domestic market on Tuesday, good news for those planning to buy gold on the auspicious occasion. Another big swing in the market is likely today as well.

Before the market opened on Tuesday, the futures price of 24-carat gold on the Multi Commodity Exchange (MCX) was up Rs 36 at Rs 1,40,222 per 10 grams. It had closed at Rs 1,40,186 per 10 grams in the previous session. As trading went on, however, the fall in gold prices deepened.

This morning the gold contract on MCX expiring on December 4 was down 1.01%. At about 12:26 pm it was trading at Rs 138766 per 10 grams, a fall of Rs 1420.00 (1.01%).

According to bullion data, 24-carat gold has reached Rs 1,40,670 per 10 grams. In the international market, gold was recorded at $3,966.90 per ounce. Prices of 24-carat, 22-carat and 18-carat gold in the domestic market have also changed considerably.

According to the IBJA, this morning's gold rates are: 24-carat at Rs 137576 per 10 grams, 22-carat at Rs 126020 per 10 grams, 18-carat at Rs 103182 per 10 grams and 14-carat at Rs 80482 per 10 grams. Silver is at Rs 176425 per kg.

Among cities, the price of 24-carat gold today is Rs 139640 per 10 grams in Mumbai, Pune, Nashik, Nagpur, Kolhapur, Jalgaon, Sangli and Chhatrapati Sambhajinagar alike.

Those visiting bullion markets to buy jewellery for Diwali should not decide on the basis of the base market rate alone. Making charges, GST and other applicable levies are added to jewellery, so the final bill at the shop is always higher than the gold rate quoted in the market.

Buyers should also check the hallmark and the HUID number to verify the purity of the gold.