Gold slips under the ₹1.45 lakh benchmark as $110 oil feeds rate worries

Gold and silver gave back ground on 21 October, about two weeks before Dhanteras. The closing benchmark for 24-carat (999) gold, published by the India Bullion and Jewellers Association, was ₹1,44,105 per 10 grams, ₹1,839 below its previous rate of ₹1,45,944 on 19 October. The 22-carat (916) benchmark closed at ₹1,32,000, down ₹1,685, and silver (999) at ₹2,06,783 per kg, down ₹1,967. These rates exclude 3% GST and making charges.

The fall undoes the small rise seen as the festive season opened. In Hyderabad’s retail market, 24-carat gold was quoted at about ₹1.46 lakh per 10 grams on 21 October, against nearly ₹1.48 lakh on 20 October. Vijayawada was roughly level with Hyderabad, and 22-carat jewellery gold sold at about ₹1.34 lakh in both.

Why prices eased

Brent crude traded near $110 a barrel on 21 October after attacks on tankers near the Strait of Hormuz raised fears over oil supply. Dearer oil feeds inflation, which dims hopes of interest-rate cuts and raises the risk of further increases. Gold earns no interest, so it tends to lose appeal when rates look set to stay high.

What it means for buyers

Dhanteras falls on 6 November and Deepavali on 8 November. The dip trims ₹1,685 off 10 grams of 22-carat gold at benchmark rates, but prices can move either way before the festival. The bill rests on the rate on the day of purchase, plus GST and making charges. Check the BIS hallmark and six-digit HUID on every piece.