Gold prices remained unchanged for major cities on Saturday. According to website Goodreturns, one gram of 22 carat or 22k gold costs ₹5,415 while 24 carat or 24K gold is priced at ₹5,907.
K or carat is a term used to measure the purity of gold. A 24K gold is also known as pure gold because it has 99.9 per cent purity. It does not have traces of other metals. A 22K gold has 22 parts of gold mixed with traces of other metals like copper and zinc.
Gold is treated as a safe and trustworthy form of investment. It is an excellent hedge against inflation. It is traded in the form of bars, coins, jewellery, exchanges, exchange trade funds etc.
Here are the gold and silver prices for major Indian cities on July 8, 2023.
Gold prices are dependent on numerous factors including currency, global demand, interest rates and government policies. If the rupee slides against dollar, the price of the metal will increase.
The price of silver almost remained unchanged on Saturday. According to Goodreturns website, one gram of silver costs ₹73.30 today. This metal is always in demand in jewellery markets in India. Silver is cheaper than gold.
Here are the silver prices in major Indian cities on July 8, 2023.
Silver prices in India are dependent on factors including gold rates, bulk purchases, inflation, industrial demand etc. If the price of gold increases, the silver price will also increase.