VERDVITBefore Dussehra 2026: HDFC Sky’s Goodreturns Gold Series Was Lower Than October 12, Up on October 19
HDFC Sky’s report of the Goodreturns retail series shows 24K gold at ₹2,940 per 10 grams below October 12 on October 19, but ₹600 above October 16. The article keeps that dated city series separate from the IBJA report dated 16 October, which quotes a 15 October PM spot observation, and notes that contemporaneous ET and Mint series differed.
Gold marriage necklace from Tamil Nadu, India, photographed in a Dallas Museum of Art exhibit on 7 May 2017; a contextual archive jewellery photograph for pre-Dussehra gold coverage, not a current-rate or current-event image. Photo: Daderot · CC0 1.0 Universal Public Domain Dedication. Proportionally resized and WebP-encoded; no content added.
According to HDFC Sky’s report of the Goodreturns retail reference series, the 24-carat gold quote for most listed Indian cities rose to ₹1,48,040 per 10 grams on Monday, October 19, 2026, from ₹1,47,440 on Friday, October 16. That was a ₹600, or about 0.41%, increase within this named series. It is not a universal India-wide invoice or benchmark. The same series remained ₹2,940 below its October 12 level after Monday’s rebound. [1]
The wording matters because “gold gets cheaper ahead of Dussehra” is not a universal claim here: it describes the HDFC Sky-reported Goodreturns series, and the direction changes with the comparison date. A shopper comparing October 19 with October 12 saw a lower 24K rate; a shopper comparing October 19 with October 16 saw a higher one. Dussehra is Tuesday, October 20, 2026; the Dashami tithi continues into October 21. [3]
Key Takeaways - The claim is only partly supported: 24K gold was ₹2,940 per 10 grams below October 12 on October 19, but it rose ₹600 from October 16. [1] - The October 19 retail quote used here is ₹1,48,040 per 10 grams for 24K gold and ₹1,35,700 for 22K gold in most cities. [1] - The IBJA report dated 16 October quotes ₹1,45,942 per 10 grams as the 15 October PM spot observation, exclusive of GST. It is a bullion benchmark, not a jewellery invoice. [2] - Dussehra is October 20, 2026. A festival date does not guarantee a lower gold price.
What happened to Indian gold prices before Dussehra?
The clearest retail comparison is the one reported by HDFC Sky from Goodreturns. On October 19, 24K gold was ₹1,48,040 per 10 grams in the Mumbai cluster and several other cities. The same report put 22K gold at ₹1,35,700 and 18K gold at ₹1,11,030 per 10 grams. These are different purity grades, so they should not be compared as though they were the same product. [1]
Against Friday, October 16, the 24K rate increased by ₹600 per 10 grams. The 22K rate increased by ₹550 and the 18K rate by ₹450. For the 24K figure, the calculation is: ₹1,48,040 − ₹1,47,440 = ₹600, or ₹600 ÷ ₹1,47,440 × 100 = about 0.41%.
Against October 12, however, the direction changes: the reported 24K rate was ₹1,50,980, so October 19 was ₹2,940 lower, or about 1.95%. Monday’s rise recovered only part of the earlier decline. [1]
Retail quotes and bullion benchmarks are not the same
The October 19 figures are city retail reference rates from Goodreturns, not a universal invoice price. The same report shows Delhi at ₹1,48,190 for 24K gold, ₹150 more than the Mumbai cluster, while Ahmedabad and Vadodara were at ₹1,48,090. [1]
Contemporaneous Economic Times and Mint pages viewed for October 19 showed different levels and downward day-on-day directions. Their providers, timestamps or methodologies differ from the HDFC Sky/Goodreturns series, so those figures are disclosed as source-series variation rather than blended into the rates above. [5] [6]
For a separate benchmark, the India Bullion and Jewellers Association’s Daily Bullion Physical Market Report dated 16 October shows a 999-purity AM/PM table of ₹1,45,564 and ₹1,45,942 per 10 grams. Crucially, the same PDF’s Daily India Spot Market Rates table labels ₹1,45,942 as the 15 October 2026 gold rate, and its 999 Watch says the rates are as of 15 October and exclusive of GST. This article therefore describes it as a report-dated-16-October quote for the 15-October PM spot observation—not as a latest PM quote observed on 16 October. [2]
That difference is not an error by itself: benchmarks, city quotes, futures and jewellery prices use different markets, timestamps, purities and charges. The unit also matters: ₹1,48,040 per 10 grams is ₹14,804 per gram, not ₹1,48,040 per gram.
Why the number on a jewellery bill can be higher
Reference rates generally exclude finished-ornament costs. Making charges, wastage, retailer margins and applicable GST can raise the final bill; HDFC Sky likewise cautions that jewellery costs more than the quoted bullion rate. [1]
Compare the same purity, weight, city, date and pricing basis. A 22K per-gram jewellery quote and a 24K per-10-gram benchmark are not like-for-like.
What the wider market was saying on October 19
International prices were relatively steady on October 19. Reuters reported spot gold at $4,163.65 per ounce at 9:03 a.m. EDT, while December US gold futures were unchanged at $4,183.10. The report linked the day’s market attention to the upcoming Federal Reserve meeting and noted that lower oil prices limited downside pressure. [4]
This is US dollars per troy ounce, not Indian rupees per 10 grams. It is context, not an Indian retail rate; domestic quotes also reflect currency, import-related costs, local premiums and timing.
The previous Friday’s Reuters report said spot gold was down 0.7% for the week and that gold traded at a premium in India as lower prices supported jewellery purchases. That may explain festive demand, but does not prove Dussehra caused the move. [4]
What should Indian readers check before comparing rates?
First, check the date and time. The October 19 figures can differ from a later benchmark or updated jeweller board. “Today’s rate” is incomplete without source and timing.
Second, check purity and weight. 24K, 22K and 18K are not interchangeable. Confirm the unit: ₹14,804 per gram and ₹1,48,040 per 10 grams describe the same quote, while ₹1,48,040 per gram would be a different figure.
Third, check exclusions. Ask whether the figure is a benchmark, retail metal rate or final jewellery price, then check making charges, wastage, GST, hallmarking and buyback deductions.
Frequently Asked Questions
Did gold get cheaper before Dussehra 2026?
Only relative to October 12. The reported 24K retail rate was ₹1,50,980 per 10 grams on October 12 and ₹1,48,040 on October 19, a ₹2,940 decline. But it rose ₹600 between October 16 and October 19. [1]
What was the 24K gold rate on October 19?
It quoted ₹1,48,040 per 10 grams for 24K gold in most listed cities, with Delhi at ₹1,48,190. This is a retail reference rate, not a guaranteed invoice. [1]
What is the difference between IBJA and a city gold rate?
The IBJA report dated 16 October quotes ₹1,45,942 per 10 grams for the 15 October PM spot observation of 999-purity gold, exclusive of GST. A city retail quote may use a different timestamp and market basis, and a finished ornament adds charges. [2]
When is Dussehra in 2026?
Dussehra is Tuesday, October 20, 2026; the Dashami tithi runs into October 21, explaining why some calendars show both dates. [3]
Bottom line
The honest version is narrower than “gold gets cheaper in India ahead of Dussehra.” The HDFC Sky/Goodreturns 24K quote was lower than October 12 but higher than October 16. Compare a dated, same-purity, same-unit quote, then check jewellery charges separately.
Related reading on Verdvit
Editorial metadata
SEO title: Before Dussehra 2026: HDFC Sky Goodreturns Gold Series
Meta description: HDFC Sky’s Goodreturns retail series was below October 12 but up on October 19. Compare the dated 24K quote with the separate IBJA benchmark.
Proposed canonical: https://verdvit.com/blog/gold-price-before-dussehra-2026
Topic tags: gold price India, Dussehra 2026, 24K gold, 22K gold, IBJA gold rate
Review date: 19 October 2026.
Sources and attribution
[1] HDFC Sky, citing Goodreturns
Gold price today, 19 October 2026: dated 24K, 22K and 18K city reference rates · Reviewed 19 October 2026.
[2] India Bullion and Jewellers Association
Daily Bullion Physical Market Report dated 16 October 2026 · Reviewed 19 October 2026.
[3] NDTV
Dussehra 2026: When is Vijayadashami? Check date and muhurat · Reviewed 19 October 2026.
[4] Reuters
Gold reports published 19 October and 16 October 2026 · Reviewed 19 October 2026.
[5] The Economic Times
Gold rate in India today: series viewed 19 October 2026 · Reviewed 19 October 2026.
[6] Mint
Gold Rate Today: series viewed 19 October 2026 · Reviewed 19 October 2026.
Source names and titles are shown for attribution; original source URLs are retained in the private research record.