Gold and silver prices saw a dip on Monday, presenting a favorable opportunity for buyers as the wedding season approaches. The price of 24-carat gold dropped by Rs 10, currently trading at Rs 79,350 per 10 grams, while the price of 22-carat gold also declined to Rs 72,740 per 10 grams, according to GoodReturns. Silver prices experienced a similar trend, falling by Rs 100 to Rs 93,900 per kilogram.

Gold Prices by City

• Mumbai, Kolkata, and Hyderabad: 24-carat gold at Rs 79,350 per 10 grams and 22-carat gold at Rs 72,740.
• Delhi: 24-carat gold at Rs 79,500, while 22-carat gold is trading at Rs 72,890.
• Bengaluru and Chennai: 24-carat gold at Rs 79,350, and 22-carat at Rs 72,740.

In silver, prices in Delhi, Mumbai, and Kolkata align at Rs 93,900 per kilogram, while Chennai saw higher rates at Rs 1,02,900 per kilogram.

International Market Update

Internationally, US gold prices held steady in early Asia hours on Monday, with spot gold trading near $2,683.78 per ounce. Investors are closely monitoring Federal Reserve comments and upcoming economic data to assess future US interest rate trends. Spot silver increased slightly to $31.32 per ounce, while platinum and palladium also saw gains.

MCX Gold and Silver Futures

On the Multi Commodity Exchange (MCX), gold futures for December delivery saw a slight increase, trading at Rs 77,292 per 10 grams, while silver futures traded at Rs 91,270 per kilogram.

Wedding Season Brings Increased Demand

The decrease in gold and silver prices is timely for the wedding season in India, where the metals are considered auspicious for gifts and celebrations. This season's lower prices come after recent highs during the festival period when gold rates reached Rs 81,000 per 10 grams. Many buyers are expected to take advantage of the dip in prices, with potential fluctuations likely as the wedding season unfolds.

Tips to Verify Gold Purity

As demand increases, it’s essential for buyers to ensure the purity of gold:

1. Hallmark Stamp: Look for the "916" hallmark on 22-carat gold.
2. BIS Standard Mark: Ensure the jewelry has a BIS mark indicating quality certification.
3. Acid Test: Test under guidance using nitric acid to confirm purity.
4. Color Test: Pure gold retains its yellow color; fading may indicate impurities.

This price drop in gold and silver is a welcome development for those planning purchases this season, providing a chance to buy before any further price fluctuations.