u/goelrohan13

This hike has shortened demand for now.

Current rates:

Gold: Local market around 1,57,000 per 10g while MCX is hovering at 1,62,500 (~5500 less than mcx)

Silver: Local around 281 per gram while MCX spot is 296. (~15k less than mcx)

MCX is the commodity exchange where futures are traded. It shows expected prices but not always what you actually pay at the shop.

Right now physical prices are much lower than MCX because buying has slowed down after the news.

My advice as someone who buys gold and silver both online and offline regularly - don't blindly follow MCX rates these days. There is a small increase in actual market prices. Avoid high online rates until things settle.

Better to check All India Bullion (AIB) app or website for real physical rates.

DON'T OVERPAY!

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This is my first statement, so I haven’t redeemed cashback before. But from what I had seen online earlier, cashback redemption used to be available in multiples of ₹500.

Now, on the SBI Card app, the iLA chat support is saying cashback can only be redeemed in multiples of ₹2000. I’m not sure if this is a recent policy change.

Can anyone confirm if SBI has changed the cashback redemption rules? And is there any workaround to redeem smaller cashback amounts as statement credit?

Secondly, please guide me on how can i redeem cashback into card statements.

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Hey everyone,

Quick question specifically for gold purchases on AJIO 👇

If I buy gold (coins/jewellery) on AJIO and pay via:

👉 PhonePe UPI using SBI Select Black RuPay credit card

Will I get:

1. AJIO UPI instant discount (if available)

2. 5% cashback (reward points) from PhonePe Select Black

Or Only one of them works?

Also, is gold even eligible for the 5% cashback, or is it treated as an excluded category?

If anyone has tried this exact scenario, please share your experience 🙏