Gold prices are dependent on various factors including currency, rupee against dollars and global situation among others.
Gold and silver prices remained unchanged on Saturday. According to the website Goodreturns, one gram of 22 carats of gold was being sold at ₹5,450 while 24 carats of gold were being sold at ₹5,945.
‘Carats’ or K is a term used to measure the purity of gold. A 24K gold is called pure gold and has 99.9 per cent purity. It is in liquid form and does not contain traces of other metals. On the other hand, 22K gold has traces of metals like copper and zinc and is used to make jewellery.
Here are the gold prices of major cities on August 27. 2023.
| CITY | 22K GOLD (Rs/10 GMS) | 24K GOLD (Rs/10 GMS) |
|---|---|---|
| DELHI | 54,650 | 59,600 |
| MUMBAI | 54,500 | 59,450 |
| KOLKATA | 54,500 | 59,450 |
| CHENNAI | 54,800 | 59,780 |
| BENGALURU | 54,500 | 59,450 |
Gold prices are dependent on various factors including currency, rupee against dollars and global situation among others. If the rupee slides against the US dollar in India, gold will become expensive.
The price of gold is also dependent on international factors like global economic growth, dollar strength against other currencies etc.
Another important factor determining gold prices is the demand for the precious metal. If gold is in high demand, the prices will increase.
Gold is considered to be a reliable form of investment and is a perfect hedge against inflation. It is traded in the form of bars, coins, bullion, jewellery, trade funds etc.
The gold prices in Indian cities depend on various factors like demand, state taxes, octroi charges, interest levied, bullion associations, transportation costs etc.
Silver prices
Silver is always in demand in India’s jewellery markets. Because of huge demand, the availability of this metal is dropping. It is expected that the price of silver will increase in the future.
Here are the silver prices for major Indian cities on August 27, 2023.
| CITY | SILVER PRICE (Rs/10 GMS) |
|---|---|
| DELHI | 769 |
| MUMBAI | 769 |
| KOLKATA | 769 |
| CHENNAI | 800 |
| BENGALURU | 755 |
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. Industrial firms use silver for the production of various commodities like jewellery, coins, medals etc. Also, it is easier to influence the silver market through large trades and purchases.