As Dhanteras and Diwali approach, Indian consumers are flocking to jewellery stores to buy gold, a culturally significant asset often passed down as family heirlooms. Tanishq, a leading brand under the Tata Group, has seen a rise in gold prices across various purities on November 3. The price of 18-karat gold increased to ₹10,514 per gram, up from ₹10,493 the previous day. Similarly, 24-karat gold rose to ₹14,018 per gram, while 22-karat gold saw a slight increase to ₹12,850 per gram.
Tanishq is also promoting its gold exchange programme, allowing customers to trade in old jewellery for new designs without needing original purchase bills. The company uses Karatmeter technology to assess gold purity and calculates exchange values based on current market rates. This initiative covers old, broken, and inherited jewellery, making it convenient for customers to upgrade their collections.
Meanwhile, gold futures on the Multi Commodity Exchange (MCX) fell by ₹1,166, or 0.83%, to ₹1,39,020 per 10 grams, attributed to weak spot demand. Internationally, gold futures also declined by 0.62% to $3,921.96 per ounce in New York. Domestic bullion market rates closed with 22-karat gold at ₹13,185 per gram and 24-karat gold at ₹14,385 per gram, while silver was quoted at ₹1,89,500 per kg.
With the festive season in full swing, consumers are closely monitoring both retail jewellery prices and movements in the bullion markets before making their purchases.