A sharp retreat across bullion counters has brought timely relief to jewellery shoppers ahead of the crucial festive season. In the immediate run-up to Dhanteras and Diwali, physical bullion markets witnessed a prominent dip in prices. From its historic lifetime peak, gold has drifted lower by nearly Rs 43,000 per 10 grams. This downward movement has triggered active discussions among prospective retail buyers planning purchases for weddings and seasonal festivities across local trade circles.
Latest 24-Karat and 22-Karat Gold Rates in Varanasi
Trading in the Varanasi bullion market on Saturday, October 31, concluded with substantial cuts for fine metal. The price of 24-karat pure gold shed Rs 4,950 to settle at Rs 1,41,950 per 10 grams. A week prior, on October 24, the identical purity had traded at Rs 1,46,900 per 10 grams. The shift represents a sizeable drop of nearly five thousand rupees over a span of just seven calendar days.
Standard 22-karat jewellery-grade gold followed a similar trajectory in the spiritual hub. On October 31, 22-karat gold was recorded at Rs 1,30,120 per 10 grams in Varanasi. By comparison, transactions on October 24 had closed at Rs 1,34,650 per 10 grams. Consequently, consumers purchasing 22-karat metal found costs reduced by Rs 4,530 per 10 grams within a single week.
Affordable 18-Karat Gold Quotes and Sharp Silver Slump
Shoppers targeting lightweight ornaments and everyday modern collections also found revised prices on retail counters. On Saturday, 18-karat gold settled at Rs 1,06,460 per 10 grams in Varanasi. Industry professionals continue to remind consumers that inspecting certified purity and official hallmarking standards remains an indispensable step before completing any ornament purchase.
Silver accompanied gold in this broad market decline with an even steeper correction. In Varanasi, industrial and retail silver prices stood at Rs 1,85,500 per kilogram on October 31. This marks a stark retreat from October 24, when the white metal changed hands at Rs 2,01,000 per kilogram. Within just seven days, silver shed an impressive Rs 15,500 per kilogram.
Local Footfall Trends and Merchant Expectations
Despite deep price drops across both precious metals, retail counters in Varanasi have not yet registered the dense consumer foot traffic typical of peak pre-festive days. Vishwajit Verma from Nirmala Jewellers explained that gold and silver rates have remained soft over the past few weeks. With Dhanteras and Diwali now around the corner, jewellers remain optimistic that shopper enthusiasm will pick up substantially as festival celebration days arrive.
