As major jewellery brands adopt single rate across India, gold prices rise amid wedding season

When Indians approach a jewellery store for customised gold adornments, they have to pay varying making charges, wastage and GST, above the base price of the yellow metal. For consumer convenience, Kerala-based jewellers Kalyan, Joyalukkas and Malabar have adopted a common rate for gold jewellery for outlets across India. This big move from the industry leaders can lay the foundation for a standard rate for gold jewellery in the country, as gold prices and demand are on the rise.

Global demand changes after big reveal

Currently the rates for 22 carat gold have hit Rs 4,875 per gram, while 24 carat gold has reached Rs 5,318 a gram in the country. Globally, prices of the yellow metal are flat, since the global tensions sparked off by a rocket strike on Poland are cooling down after it was revealed that the rocket came from Ukraine and not Russia. Investors are also taking a wait and watch approach towards the US Federal Reserve’s rate hikes, which can sway the demand for gold bullion in either direction.

But before a single rate is implemented for jewellery across India, gold rates continue to vary across cities.

Citywide breakdown

Chennai has the highest prices for the yellow metal at Rs 4,971 per gram for 22 carat and Rs 5,422 a gram for 24 carat.

With 3.5 lakh weddings in the city this season, Delhi is selling gold at Rs 4,890 per gram for 22 carat alongside Rs 5,335 a gram for 24 carat.

Financial capital Mumbai has priced 22 carat gold and 24 carat gold at Rs 4,875 a gram and Rs 5,318 a gram respectively.

In Kolkata, 22 carat gold is available for Rs 4,801 per gram and 24 carat can be bought for Rs 5,237 a gram.

Another precious metal silver is priced at Rs 62 per gram for the day.

Published on: Thursday, November 17, 2022, 11:31 AM IST