Gold and silver prices in India ended a volatile week sharply lower, just as households begin their Dhanteras and Diwali buying. According to India Bullion and Jewellers Association (IBJA) data reported on 1 November, gold fell by Rs 1,576 during the week and silver by Rs 13,071, reflecting global market pressures and rising tensions in the Middle East.
The IBJA price of 24-carat gold decreased to Rs 1,40,054 per 10 grams, down from Rs 1,41,630. For 22-carat gold, the price fell to Rs 1,28,289 per 10 grams, compared with Rs 1,29,733 previously. Eighteen-carat gold is now priced at Rs 1,05,041 per 10 grams, down from Rs 1,06,223. The lowest price for 24-carat gold in the week was recorded on 30 October during the evening session, at Rs 1,40,054 per 10 grams.
Silver saw the steeper fall. It closed more than Rs 9,100 per kg lower on Friday, after a week in which its price swung by Rs 13,135 per kg. Gold’s own weekly swing exceeded Rs 2,600 per 10 grams, underlining how unsettled the market has been even before the festive season’s peak buying days.
These are reported wholesale bullion-market rates. Jewellery-shop prices can be higher, because a retail bill adds GST and making charges on top of the bullion rate, and local jewellers may quote slightly different prices. Buyers comparing prices across cities should therefore treat the IBJA figures as a benchmark, not as the exact price on every shop’s tag.
The timing is significant. Dhanteras falls on Friday, 6 November, and Diwali on Sunday, 8 November — the two days when gold buying is traditionally at its highest in India. A lower price ahead of those days can encourage buyers who were waiting for a correction, while jewellers will be watching whether footfall converts into purchases or whether customers hold out for further falls.
Live retail reference rates on the morning of 1 November varied by source and city, as they do on any trading day. One Mumbai reference put 24K gold at Rs 1,41,849 per 10 grams at 06:20 IST, while other city listings showed lower figures. The variation is a reminder to check the rate at the time of purchase and to confirm purity, weight and making charges before paying.
Global cues remain the main driver. Brent crude ended the week near 117 dollars a barrel, the US Federal Reserve has held rates at 3.75-4 per cent, and geopolitical tensions continue to push investors between safe-haven assets and riskier trades. Gold often rises in uncertain times, but this week’s fall shows that even safe havens correct when positions unwind quickly.
For buyers, the week’s message is straightforward: prices are lower than they were seven days ago, but volatility is high. Those buying for Dhanteras should budget on the day’s rate, insist on hallmarked jewellery, and keep the bill that separates metal value, GST and making charges. The festival will arrive regardless of the market — this year, it arrives with gold a little cheaper than it was a week ago.
