Gold and silver prices vary across major cities on October 22, with 24-karat and 22-karat gold serving different purposes. Before purchasing these precious metals, buyers should verify BIS-hallmarked purity, confirm live rates, and demand an itemized bill.
Gold prices hovered near a one-week low as rising oil prices fuelled inflation concerns amid Middle East tensions. Gold is available in different purities in the retail market, with 24-karat gold being the purest form and 22-karat gold commonly used to make jewellery due to its greater durability.
Gold, Silver Prices On October 22
| City | 22kt Gold | 24kt Gold | Silver (1kg) |
| New Delhi | Rs 13,404 | Rs 14,622 | Rs 2,29,900 |
| Mumbai | Rs 13,389 | Rs 14,607 | Rs 2,29,900 |
| Chennai | Rs 13,389 | Rs 14,607 | Rs 2,29,900 |
| Kolkata | Rs 13,389 | Rs 14,607 | Rs 2,29,900 |
| Bengaluru | Rs 13,389 | Rs 14,607 | Rs 2,29,900 |
| Hyderabad | Rs 13,389 | Rs 14,607 | Rs 2,29,900 |
Key Buyer Checklist Before Purchasing Precious Metals
To ensure transparency and protect your purchase, financial experts recommend following these essential steps before buying gold or silver:
Verify Purity Standards: Always opt for BIS-hallmarked gold to guarantee correct karat purity (e.g., 24K, 22K, or 18K).
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Confirm Live Rates: Check the prevailing spot rate with trusted local jewelers on the day of purchase, as prices adjust throughout trading hours.
Inspect the Itemized Bill: Demand a detailed invoice clearly breaking down: The base cost of the metal by weight, Applicable making/designing charges, and Goods and Services Tax (GST).
Understand Silver Dynamics: Unlike gold, silver prices are influenced by both investment demand and industrial usage (such as electronics and green technologies), leading to distinct price movement patterns.
