Gold prices increased by Re 1 on Monday. According to the website Goodreturns, one gram of 22K gold costs ₹5,491. On the other hand, the price of one gram of 24K gold stood at ₹5,990.
‘K’ or carat is a term used to measure the purity of gold. A 24K gold is called pure gold and has a purity of 99.9 per cent. It is in liquid form and does not contain traces of other metals. A 22K gold has traces of other metals like copper and zinc and is used to make jewellery.
Here are gold prices for major Indian cities on September 18, 2023.
| CITY | 22K GOLD PRICE (Rs/10 GMS) | 24K GOLD PRICE (Rs/10 GMS) |
|---|---|---|
| DELHI | 55,060 | 60,050 |
| MUMBAI | 54,910 | 59,900 |
| CHENNAI | 55,310 | 60,330 |
| KOLKATA | 54,910 | 59,900 |
| BENGALURU | 54,910 | 59,900 |
Gold is traded in forms of gold, coins and bars and acts as a perfect hedge against inflation. In India, the prices are dependent on factors like currency, global demand, interest rates and government policies. If the rupee slides against the US dollar in India, gold will become expensive.
The gold price is also dependent on international factors like global economic growth, dollar strength against other currencies etc. Another important factor is the demand for the precious metal. If the demand for gold is not robust, the prices will fall. Another important factor affecting gold price is the interest rate. For example, gold prices fall when the interest rates in countries like US surge. The opposite happens when the interest rates drop.
Silver prices
In India, the price of silver is determined by factors like gold rates, industrial demand, bulk purchases, inflation etc. If the price of gold increases, the silver price will also increase.
According to website Goodreturns, the price of one gram of silver stood at ₹74.70. In Delhi, Mumbai and Kolkata, the price of 10 grams of silver was at ₹747. In Chennai and Bengaluru, 10 grams of silver cost ₹782 and ₹732.50 respectively.
