Is gold really cheaper just before Dhanteras?
Ten grams of 24-carat gold cost ₹1,39,910 on 4 November, about ₹11,000 less than on 12 October. It is also far below January's peak. But the price on the tag is not the price on the bill.
- 24-carat gold was ₹1,39,910 per 10 g on 4 November 2026 (Mumbai cluster) 1.
- On 12 October it was ₹1,50,980, so it is ₹11,070 lower in about three weeks (our maths) 1.
- In January 2026 the price had gone above ₹1.7 lakh, so today's rate is well below the year's peak 3.
- The rate rose ₹270 on 4 November, and Dhanteras falls on Friday, 6 November 1,4.
A three-week slide, right before the busiest week
Dhanteras is the day many families buy a coin or a piece of jewellery for luck. This year, the weeks before it brought a falling price for most of October. HDFC Sky's daily tracker put 24-carat gold at ₹1,50,980 per 10 g on 12 October. By 4 November the Mumbai-cluster rate was ₹1,39,910, with 22-carat at ₹1,28,250 1. Jewellers' own boards were close: Tanishq listed 24-carat at ₹1,40,450 and Malabar at ₹1,39,910 the same day 2.
Source: HDFC Sky 1
The slide is not one straight line. The rate rose ₹270 on 4 November, its second gain in a row by HDFC Sky's count 1; Goodreturns called it the third straight day of gains 2. Either way, the cheapest days of this dip may already be behind us, or not. Nobody knows what Friday's rate will be.
The twist: the tag price is not your bill
The rates quoted every morning are for pure gold, before tax. When you buy jewellery, the jeweller adds making charges (the cost of crafting the piece, often a share of the gold value) and 3% GST, which on a jewellery bill usually applies to the gold value plus the making charges 5,6. On 10 g of 24-carat gold at ₹1,39,910, the GST alone is about ₹4,197 (our maths). Making charges vary widely by design and shop, so two bills for the same weight can differ by thousands.
| Item | What it is | Example for 10 g |
|---|---|---|
| Gold value | Today's rate × weight × purity | ₹1,39,910 (24K) or ₹1,28,250 (22K) |
| Making charges | Labour and design cost set by the jeweller | Varies; ask before you choose |
| GST | 3% on gold value plus making charges | At least ₹4,197 on 24K (our maths) |
What the numbers tell us
- The catchMost jewellery is 22K, not 24K
Headline rates are for 24-carat (99.9% pure) gold. Necklaces and bangles are usually 22-carat, which cost ₹1,28,250 per 10 g on 4 November 1.
- CompareStill well below the peak
January 2026's high was above ₹1.7 lakh per 10 g 3. Today's rate is at least ₹30,000 lower than that; sources disagree on the exact peak, so we give only the lower bound.
- What to watchWhat to watch on Saturday
The day after Dhanteras, jewellers and trade bodies usually report how much gold was sold. That will show whether the dip pulled buyers in.
Why it matters
- For families buying on Friday: compare the full bill, not the board rate. Ask the making charge per gram and whether GST is on top.
- For coin buyers: coins and bars carry low or no making charges, so the board rate plus 3% GST is closer to what you pay.
- For anyone waiting for a better price: the rate moved by hundreds of rupees in a day this week. A three-week trend says nothing certain about Friday.
Learn something: Carat and Percentage change
How pure the gold is, out of 24. 24-carat is about 99.9% gold; 22-carat is about 91.6%.
purity % ≈ carat ÷ 24 × 100On 4 Nov, 10 g cost ₹1,39,910 in 24K and ₹1,28,250 in 22K 1.
Why it matters: Prices quoted for 24K are higher than what most jewellery (22K) costs per gram.
Common mistake: Comparing a 24K rate with a 22K jewellery bill.
Try it: Roughly what share of an 18-carat piece is gold?
18 ÷ 24 × 100 = 75%.
How big a rise or fall is compared with where it started.
(new − old) ÷ old × 100(₹1,39,910 − ₹1,50,980) ÷ ₹1,50,980 × 100 ≈ −7.3% (our maths).
Why it matters: A ₹11,000 drop sounds big; as a percentage you can compare it with other periods.
Common mistake: Dividing by the new price instead of the old one.
Try it: A price goes from ₹200 to ₹180. What is the change?
(180 − 200) ÷ 200 × 100 = −10%.
Send them this: 24K gold is ₹11,070 cheaper than three weeks ago, but the bill adds 3% GST and making charges. Ask for the full bill first.
Words in this story
- bullion rate
- The market price of pure gold, before tax and any jeweller's charges.
- making charges
- What a jeweller charges to make a piece, on top of the gold's value.
- Dhanteras
- The first day of Diwali week, when many families buy gold, silver or utensils.
- GST
- Goods and Services Tax; 3% applies to gold.
Sources
- HDFC Sky, Gold rate today, 4 November 2026: 24K rate climbs ₹270 per 10 gm, 4 Nov 2026
- Goodreturns, Gold rates today (4-11-2026) at Tanishq, IBJA, Malabar, Joyalukkas, 2 days before Dhanteras, 4 Nov 2026
- All India Bullion / Goldify (via EP05), January 2026 gold peak above ₹1.7 lakh per 10 g, Jan 2026
- Shubh Panchang, Dhanteras 2026: date and puja muhurat, 2026
- IIFL, GST on gold in India 2026: rates, making charges and calculation, 2026
- Angel One, Why gold is taxed at 3% GST under GST 2.0, 2026
How we did this. Every number links to its source. Where sources disagree, we leave the number out and say so. When we work out a number ourselves, we say "our maths". Prices are indicative bullion rates for 10 g of 24-carat gold in the Mumbai cluster before GST and making charges, as reported on 4 November 2026. They differ by city and jeweller. This explains the numbers; it is not advice to buy, sell or wait.