Gold’s October retreat has left Indian shoppers able to buy more bullion ahead of Dhanteras than at the Jan. 29 benchmark, though last year’s lower rate and retail charges temper the gain.
The India Bullion and Jewellers Association (IBJA) set its Oct. 30 PM rate for 999-purity gold at Rs 140,054 per 10 grams. The Jan. 29 benchmark was Rs 175,340, making the latest rate about 20% lower. At the October price, Rs 100,000 buys roughly 7.14 grams, compared with 5.70 grams at the January rate — about 25% more buying power before retail costs.
The comparison with last year points the other way. IBJA’s Oct. 17, 2025, PM rate was Rs 129,584 per 10 grams, about 8% below the Oct. 30, 2026, figure. At the earlier price, Rs 100,000 would have bought about 7.72 grams, versus 7.14 grams now. Gold has become more affordable relative to January, but the benchmark is higher than it was a year earlier.
Jewelry shoppers will pay more than the bullion benchmark implies. IBJA rates exclude India’s 3% goods and services tax (GST) and making charges. Applying GST alone cuts the amount purchasable for Rs 100,000 at the Oct. 30 rate to about 6.93 grams, before making charges. A government holiday list places Dhanteras on Friday, Nov. 6.
Internationally, Reuters reported spot gold down 3.5% at $3,880.97 an ounce at 2:13 p.m. ET (18:13 GMT) on Oct. 30. The report said the price was at its lowest since October 2025 and linked the decline to technology-share selling and concerns about returns on artificial intelligence spending. Reuters also cited interest-rate expectations as a pressure on gold. It reported analysts’ view that central-bank demand tends to strengthen below $4,000 an ounce, a market assessment rather than a confirmed price floor.
ET Wealth Online interviewed IBJA President Prithviraj Kothari and Senco Gold CEO Suvankar Sen.
The Fed’s next scheduled policy meeting is Dec. 8-9. Reuters cited expectations that rates could stay higher for longer among the factors weighing on gold.
