Gold prices changed across both the Multi Commodity Exchange and the domestic market during the reported five trading days, making the latest rates relevant for people planning to buy gold, silver or related investment products.

The MCX contract for 10 grams of 24-carat gold, with a December expiry, closed at ₹1,50,390 before the reported change. It closed at ₹1,51,503 on the following Friday. Trading had been closed on the intervening Friday because of Gandhi Jayanti.

Domestic gold rate

The Indian Bullion Jewellers Association's listed rates show that 24-carat gold closed at ₹1,49,430 on the reported Friday. This compares with a closing rate of ₹1,48,138 on October 1.

The report also notes that rates differed across gold qualities. However, it does not provide separate prices for 20-carat or 22-carat gold, so those rates cannot be stated here.

Silver prices on MCX

Silver showed little overall movement on MCX during the period covered. The December-expiry contract closed at ₹2,25,877 per kilogram on October 1 and at ₹2,25,820 per kilogram on the reported Friday.

The report places the MCX silver rate below its stated lifetime high of ₹4,20,048, recorded in January. It gives the difference from that high as ₹1,94,228 per kilogram.

Domestic silver rate and purchase costs

In the domestic market, silver closed at ₹2,20,829 after trading on October 1. The IBJA rate for the reported Friday was ₹2,21,109. The report says daily changes were seen during the five trading days.

Jewellery buyers also need to account for costs beyond the quoted metal rate. Domestic jewellery purchases carry 3% GST, and making charges also apply. These additional charges increase the final amount paid for gold and silver jewellery.

The available figures cover quoted market rates and do not provide a final retail price for a specific ornament. They also do not establish whether the reported movement will continue.

Conclusion

The reported period brought higher gold prices across MCX and the domestic market, while MCX silver was broadly flat. Jewellery buyers should consider the quoted rate, 3% GST and making charges before completing a purchase.

Frequently Asked Questions

Q. What was the MCX price of 24-carat gold?

The December-expiry contract for 10 grams of 24-carat gold closed at ₹1,51,503 on the reported Friday. It had previously closed at ₹1,50,390.

Q. What was the domestic 24-carat gold rate?

The IBJA-listed domestic rate was ₹1,49,430 on the reported Friday. The October 1 closing rate was ₹1,48,138.

Q. What was the MCX silver rate on the reported Friday?

The December-expiry silver contract closed at ₹2,25,820 per kilogram.

Q. What was the domestic silver rate on the reported Friday?

The IBJA domestic silver rate closed at ₹2,21,109.

Q. What extra costs apply to domestic jewellery purchases?

The report states that 3% GST and making charges apply to domestic jewellery purchases.

Q. Are separate 20-carat and 22-carat rates available in the report?

No. The report refers to different gold qualities but does not provide separate rates for 20-carat or 22-carat gold.