Gold, silver rates today: Prices rise at start of October; check latest city-wise rates before you buy

If you are planning to buy gold or silver this festive and wedding season, the latest prices are worth checking before you make a purchase. Gold prices moved higher on Thursday, October 1, with 24-carat gold at ₹1,49,880 per 10 grams, while 22-carat gold was priced at ₹1,37,390 per 10 grams. Silver also gained, with 999 fine silver quoted at ₹2,24,720 per kilogram.

For households looking to buy jewellery, coins or bars, however, the headline gold or silver rate is only the starting point. The final amount paid at a jewellery store can be higher after making charges, GST and other applicable costs.

Gold crosses ₹1.50 lakh on MCX

MCX gold is a futures-market price, while the rate quoted by a jewellery retailer is relevant when you are actually buying jewellery. The two should not be assumed to be the same.

What is the gold rate in your city?

Gold prices can vary slightly between cities. According to Goodreturns, the 24-carat rate was ₹1,49,390 per 10 grams in Delhi, while Chennai, Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala and Pune were at ₹1,49,240.

Vadodara and Ahmedabad recorded a 24-carat rate of ₹1,49,290 per 10 grams.

For 22-carat gold, Chennai, Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala and Pune were at ₹1,36,800 per 10 grams. Delhi was at ₹1,36,950, while Vadodara and Ahmedabad were at ₹1,36,850.

Gold rates by city

Silver rates today

Goodreturns' city-wise rates show some variation. Chennai, Hyderabad and Kerala were at ₹2,400 per 10 grams, or ₹2,40,000 per kilogram. Mumbai, Delhi, Kolkata, Bengaluru, Pune, Vadodara and Ahmedabad were at ₹2,350 per 10 grams, or ₹2,35,000 per kilogram.

Silver rates by city

Gold rates at Tanishq, Malabar Gold, Joyalukkas and Kalyan

For someone actually planning to purchase jewellery, checking the rate quoted by the retailer can be more useful than looking only at a bullion benchmark.

What should you check before buying gold?

If you are buying jewellery, the first thing to check is the purity. A 22K piece and a 24K investment product are not directly comparable because they contain different proportions of gold.

Next, check the gold rate per gram, followed by making charges and any other charges included in the bill. Ask the jeweller for a clear breakup before making the payment.

It is also worth comparing the final price across more than one jeweller.

Festive-season buyers should focus on the final cost

With the festive and wedding season approaching, many households may be comparing gold rates before making planned purchases.