On October 3, gold prices in India exhibited a slight decrease following a period of significant appreciation at the start of the month. This earlier rise was attributed to heightened demand for safe-haven assets amid concerns over a potential U.S. government shutdown, compounded by seasonal festive demand within India. Gold is widely regarded as an inflation hedge, with different purities serving distinct purposes. Specifically, 24-carat gold, representing the highest purity, is commonly acquired for investment, while 22-carat and 18-carat gold are predominantly utilized for the creation of jewelry.
Source: https://indianexpress.com/article/india/gold-today-rate-october-3-check-18-22-and-24-carat-gold-prices-chennai-mumbai-delhi-kolkata-and-other-cities-10284968/