Gold and silver prices rose today, October 31st. According to the India Bullion and Jewelers Association (IBJA), gold rose by ₹1,151 to ₹1,20,770 per 10 grams. Yesterday, the price of gold was ₹1,19,619 per 10 grams. On October 17th, gold had reached an all-time high of ₹1,30,874. Since then, its price has fallen by ₹10,104. Meanwhile, silver rose by ₹2,342 to ₹1,49,125 per kilogram. On October 30th, its price was ₹1,46,783 per kilogram. Silver had reached an all-time high of ₹1,78,100 this month. Since then, its price has fallen by ₹28,975. IBJA’s gold prices do not include 3% GST, making charges, and jeweler’s margin, so city rates vary. These rates are used by the RBI to determine the rates of Sovereign Gold Bonds. Many banks use them to determine the rates of gold loans. This year, gold became costlier by ₹44,608 and silver by ₹63,108. Keep these two things in mind when buying gold: 1. Buy certified gold: Always buy certified gold hallmarked by the Bureau of Indian Standards (BIS). This number may be alphanumeric, i.e., something like AZ4524. Hallmarking indicates the carat of the gold. 2. Cross-check the price: Cross-check the exact weight of the gold and its price on the day of purchase from multiple sources (such as the India Bullion and Jewelers Association’s website). Gold prices vary depending on 24 carat, 22 carat, and 18 carat. Four reasons for different gold prices across cities: 1. Transportation costs: Gold is a physical commodity, so transporting it incurs costs. Most imports are by air. Gold then has to be transported to interior areas. Transportation costs include fuel, security, vehicles, staff fees, and more. 2. Gold Purchase Quantity: Demand for gold varies by city and state. South India accounts for approximately 40% of India’s total gold consumption. Here, sellers purchase gold in bulk, which lowers prices. However, prices are higher in Tier-2 cities. 3. Local Jewelry Associations: For example, in Tamil Nadu, the gold rate is set by the Jewelers and Diamond Traders Association. Similarly, there are several other associations across the country that set prices. 4. Gold Purchase Price: This is the biggest factor affecting gold rates in different cities. Jewelers who purchased stock at a low price can charge lower rates. ——————————————————————- Also read this business-related news: Google’s revenue crosses ₹9 lakh crore for the first time: First office was in a garage, Ram Shriram was an early investor; Today, Alphabet, the parent company of Google, a $3 trillion company, achieved revenue of $100 billion (about ₹9.06 lakh crore) for the first time in the September 2025 quarter. Click here to read the full story…
