Gold and silver keep falling after Dasara: 24-carat gold down ₹6,736 per 10 g in two weeks and silver below ₹2 lakh, yet Jalgaon’s bullion market reports thinner trade

Gold and silver, which were already sliding before Dasara, have kept falling after the festival. The India Bullion and Jewellers Association (IBJA) evening (PM) rate for Thursday 22 October puts 24-carat gold at ₹1,42,694 per 10 g, 22-carat at ₹1,30,708 and silver at ₹1,99,777 per kg, below the ₹2 lakh mark. Compared with 9 October, 24-carat gold is ₹6,736 cheaper per 10 g and silver ₹21,332 cheaper per kg. Despite the lower prices, the bullion trade in Jalgaon, Maharashtra’s best-known gold market, estimates that Dasara buying fell short of a normal year.

IBJA’s latest rates (per 10 g, excluding GST)

• Thursday 22 October (evening, PM): 24K (999) ₹1,42,694; 22K (916) ₹1,30,708; silver (999) ₹1,99,777 per kg
• Thursday 22 October (morning, AM): 24K ₹1,43,152; 22K ₹1,31,127; silver ₹2,00,748 per kg
• Wednesday 21 October (PM): 24K ₹1,44,105; 22K ₹1,32,000; silver ₹2,06,783 per kg
• Monday 19 October (last rate before Dasara, PM): 24K ₹1,45,944; 22K ₹1,33,685; silver ₹2,08,750 per kg
• Friday 9 October (PM): 24K ₹1,49,430; 22K ₹1,36,878; silver ₹2,21,109 per kg

IBJA publishes two rates a day, a morning (AM) and an evening (PM) rate, and these are the reference for Sovereign Gold Bonds and for gold loans. They exclude 3% GST and making charges. IBJA published no rates on Tuesday 20 October, the day of Dasara.

How big is the fall?

• In a day (21 to 22 October, PM): 24K down ₹1,411, 22K down ₹1,292, silver down ₹7,006 per kg
• Since the last pre-Dasara rate (19 to 22 October, PM): 24K down ₹3,250, 22K down ₹2,977, silver down ₹8,973 per kg
• In about two weeks (9 to 22 October, PM): 24K down ₹6,736 (about 4.5%), 22K down ₹6,170, silver down ₹21,332 per kg (about 9.6%)

Outlets quote different figures for the fall because they compare different days and some include GST while others do not. On Dasara, for instance, News18 Lokmat and ETV Bharat reported that in Jalgaon gold had fallen about ₹4,500 and silver about ₹10,000 over the week. When comparing, check the dates and whether the rate includes tax.

Jalgaon: lower prices, thinner trade

Jalgaon’s bullion market usually turns over ₹10–12 crore on Dasara. This year, trade experts estimated it was about 15% lower, Saam TV and Sakal reported on 21 October. The reports put this down to drought conditions in the district, a weaker kharif harvest and prices that remain high overall, which kept rural buyers away and led many families to postpone purchases. According to the same reports, 24-carat gold in Jalgaon fell on Tuesday to ₹1,50,308 per 10 g including GST, and silver to ₹2,16,300 per kg including GST.

Reports from the day itself were more upbeat. Sakal, News18 Lokmat and ETV Bharat described shops crowded from the morning, and jewellers told Sakal the day’s turnover ran into crores. Jalgaon jeweller Akash Bhangale told ETV Bharat gold was around ₹1.51 lakh including GST. Sakal said buyers favoured gold apta leaves, necklaces, beads, jhumka earrings and small gold bars bought as investment, and noted that gold was about ₹1.20 lakh on last year’s Dasara against about ₹1.45 lakh this year.

Mumbai and Pune

News18 Lokmat reported 24-carat gold at ₹1,46,070 and 22-carat at ₹1,33,890 per 10 g in both Mumbai and Pune on the morning of 21 October. In Pune, Fatehchand Ranka, owner of Ranka Jewellers and president of a jewellers’ association, told ETV Bharat that 24-carat gold fell ₹700 per tola on Dasara to ₹1,45,300 and that buyers had responded well. He added that traders could feel the effect of the drought during Diwali.

City rates differ from IBJA’s because of timing, local market conditions and taxes. At the counter you also pay 3% GST plus making charges, which vary by shop and by the type of jewellery.

Buying for Dhanteras? A checklist

• Dhanteras falls on Friday 6 November this year and Lakshmi Pujan on Sunday 8 November.
• Check the hallmark: it should have three marks, the BIS logo, the purity (for example 22K916) and a six-character alphanumeric HUID. Since 1 April 2023, hallmarked jewellery cannot be sold without an HUID.
• Enter the HUID under ‘Verify HUID’ in the BIS CARE app and check that the item type, purity and hallmarking centre match.
• Insist on a proper bill showing weight, purity, the day’s rate, making charges and GST as separate lines.
• Ask two or three shops for their making charges; the final price depends on more than the gold rate.
• If hallmarked jewellery turns out to be of lower purity than marked, BIS rules provide for compensation of twice the difference plus the testing charges.
• Rates change twice a day; check IBJA’s latest rate on the day you buy and compare it with the shop’s rate.

This report is for information only; it is not a price forecast or investment advice.

Sources: IBJA daily rates, 22 October 2026 (ibjarates.com); Saam TV: a muted Dasara for Jalgaon, 21 October 2026; Sakal: Jalgaon bullion market, 20 October 2026; News18 Lokmat: Jalgaon bullion market, 20 October 2026; News18 Lokmat: city-wise rates, 21 October 2026; ETV Bharat: Jalgaon and Pune, 20 October 2026; PIB: HUID made mandatory, 4 March 2023; PIB: check the BIS hallmark this Dhanteras, 28 October 2024