Indore Bureau
Summary: Ahead of Dhanteras, the bullion market is buzzing with mixed signals. Gold prices are soft in Indore while silver is on a strong footing. Morning city indices, daytime updates and local retail rates differ because they are measured on different bases and at different times of the day, so buyers should check the day’s live rate in their own city before purchasing.
Today’s rates at a glance
Three sets of figures are doing the rounds for gold and silver ahead of Dhanteras. According to morning city indices, 24-carat gold in Bhopal and Indore stood at Rs 1,39,690 per 10 grams, 22-carat gold at Rs 1,28,050 per 10 grams and 18-carat gold at Rs 1,04,780 per 10 grams. Delhi quoted 24-carat gold at Rs 1,39,790, Raipur at Rs 1,39,640 and Mumbai at Rs 1,39,640 per 10 grams.
A daytime update showed gold easing by up to Rs 1,340 per 10 grams. In that update, Bhopal’s 24-carat gold stood at Rs 1,39,230 and 22-carat at Rs 1,27,619 per 10 grams. Delhi quoted 24-carat gold at Rs 1,39,330, Mumbai at Rs 1,39,180 and Jaipur at Rs 1,39,330 per 10 grams.
Local retail rates in Indore are somewhat higher, because they also reflect local costs and market conditions. According to average local retail rates, Indore’s 24-carat gold stood at Rs 1,41,936, 22-carat at Rs 1,30,013 and 18-carat at Rs 1,06,452 per 10 grams, while silver was quoted at Rs 1,86,706 per kilogram.
The lesson from these differing figures is simple: gold and silver rates change with the market, the city and the time of day. A morning index, a daytime update and a shop’s counter rate need not match. Rather than treating any single figure as final, buyers should confirm the day’s live rate from their own city’s bullion market before buying.
The Indore bullion market
The festive season rush is clearly visible in Indore’s bullion market. Local traders report softness in gold prices alongside a sharp rise in silver. Even though the global market showed mild firmness, jewellers in Indore are not inclined to raise gold prices for now. That is why gold remains soft locally despite firmer global cues.
Monday’s closing rates in Indore confirm the trend. In local trade, gold in kedbury rava cash deals closed with a marginal fall at Rs 1,40,500 per 10 grams, against Rs 1,40,600 on Saturday. The RTGS rate for gold was Rs 1,37,000 per 10 grams, excluding GST, while 22-carat gold on RTGS stood at Rs 1,25,600 per 10 grams.
Silver, in contrast, gained on Monday. Silver choursa in Indore rose by Rs 1,500 per kilogram to Rs 1,84,300 per kilogram. The RTGS rate for silver was Rs 1,78,650 per kilogram and silver tanch was Rs 1,84,600 per kilogram.
Nearby markets showed a similar pattern. In Ratlam, standard gold traded at Rs 1,41,150 to Rs 1,41,200 per 10 grams on RTGS, while silver choursa was quoted at Rs 1,85,000 and silver tanch at Rs 1,85,100 per kilogram. In Ujjain, standard gold and rava gold both stood at Rs 1,40,800 per 10 grams. Silver paat there was Rs 1,85,000 per kilogram, tanch Rs 1,84,000 per kilogram, and a silver coin sold for Rs 2,500.
Bhopal and other major cities
Morning indices put Bhopal and Indore at identical rates across all three purities: 24-carat at Rs 1,39,690, 22-carat at Rs 1,28,050 and 18-carat at Rs 1,04,780 per 10 grams. Delhi quoted 24-carat gold at Rs 1,39,790, 22-carat at Rs 1,28,150 and 18-carat at Rs 1,04,880 per 10 grams.
Over two days, gold also posted gains. In the last two days, 24-carat gold rose by Rs 760 and 22-carat by Rs 700 per 10 grams. On Tuesday morning, 24-carat gold was up Rs 270, 22-carat up Rs 250 and 18-carat up Rs 200 per 10 grams. In Delhi’s bullion market too, gold of 99.9 percent purity had risen by Rs 500 a day earlier.
As the day progressed, the picture changed, with gold falling by up to Rs 1,340 per 10 grams. Silver also fell by about Rs 5,200 per kilogram in the daytime update, after which silver stood at Rs 1,78,940 per kilogram in most cities. Morning figures, by contrast, had put silver steady at Rs 2,00,000 per kilogram.
Such intraday swings are normal in the festive season. Morning indices, daytime updates and local retail rates are prepared at different times and on different bases, so gaps between them are natural. For buyers, the reliable approach is to take the day’s applicable rate, purity and all charges in writing from the shop itself.
Why gold is soft and silver is strong
Both domestic and global factors are driving gold and silver. On one side, festive buying of jewellery has picked up, supporting demand. On the other, weakness in the rupee against the dollar raises the cost of imported gold, which feeds into prices.
The global market remains unsettled. On COMEX, gold futures improved by 23 dollars to 3,898 dollars per ounce, moving between 3,872 and 3,919 dollars during the day. Silver futures rose 122 cents to 50.31 dollars per ounce, touching a high of 50.54 and a low of 48.06 dollars. Spot gold was also seen trading at 3,954.41 dollars per ounce, with spot silver at 50.64 dollars per ounce.
Locally, the story is slightly different. Despite mild global firmness, Indore’s jewellers are not raising gold prices, a strategy aimed at retaining customers through the festive season. Silver’s strength is attributed to both investment interest and festive demand, since silver coins, utensils and jewellery traditionally sell heavily around Dhanteras.
Pushya Nakshatra trade beat expectations; all eyes now on Dhanteras
After the fall in gold and silver prices over the past month, trade on Pushya Nakshatra turned out better than expected. Traders are now fully focused on Dhanteras, considered the most auspicious day for purchases. Special festive preparations are in full swing in Indore and nearby markets.
Dhanteras falls on 6 November this year. Buying gold, silver, utensils and vehicles on Dhanteras is a long-standing tradition. That is why crowds swell in bullion markets in the days before the festival, with shops stocking new designs, coins and lightweight jewellery. The run-up to Diwali is the most important period of the year for the bullion trade.
Traders believe the softness in prices has brought relief to buyers. After last month’s correction, rates have settled into a relatively stable range, and shoppers are planning their Dhanteras purchases in advance. Even so, since rates move within the day, the final decision should rest on the live rate on the day of purchase.
What is considered auspicious to buy on Dhanteras
Tradition holds that buying gold and silver coins, jewellery, utensils and puja items on Dhanteras brings good fortune. Gold coins and lightweight jewellery are easy options for those shopping on a smaller budget. Silver coins, diyas, kalash and utensils are also bought in large numbers on Dhanteras.
While fixing a budget, it is not enough to look at the metal rate alone. The final price of jewellery also includes making charges, wastage and 3 percent GST. Buyers should therefore ask whether the quoted price includes these charges or whether they apply separately. Coins and bars carry lower making charges than jewellery, which is why those buying from an investment perspective often prefer coins.
Points to check while buying
To avoid fraud while buying gold jewellery on Dhanteras, a few checks are essential. Buy only BIS-hallmarked jewellery. Verify the six-digit HUID number printed on the piece through the BIS Care app.
Along with purity, separately check the weight, the day’s gold rate and the making charges being applied. A proper bill must clearly record the correct weight, purity, rate and all other charges. Keep the invoice safely after purchase, so that resale or exchange later does not run into trouble.
The same caution applies to gold bought through online or digital channels. Understand the purity, storage charges and selling conditions of digital gold in advance. Read the terms of any attractive offer before deciding, and buy only from a trusted seller.
What lies ahead: expert view
Market experts expect gold prices to stay within a limited range in the coming days. However, tensions in West Asia and gold holding below 4,000 dollars per ounce internationally keep open the possibility of another dip. All eyes will therefore remain on gold’s movement through the festival season.
Overall, the market ahead of Dhanteras is sending mixed signals to buyers. Gold is soft, silver is strong, and rates are shifting within the day. In such a market, comparing rates, checking purity and buying with a proper bill matters more than hurrying. The auspicious muhurat of Dhanteras completes the tradition, but the right rate and the right checks are what truly make a purchase worthwhile.
Disclaimer: This news has been prepared on the basis of available sources and verification. If any fact is found to be incorrect, a correction will be published.
