Gold prices remained unchanged in major Indian cities on Friday. According to website Goodreturns, the price of one gram of 22 carat gold stood at ₹5,470. On the other hand, 24 carat gold costs ₹5,951 per gram.
‘K’ or carat is a term used to measure the purity of gold. A 24K gold is called pure gold as it contains 99.9 per cent purity. It is in liquid form and does not have traces of other metals. On the other hand, a 22K gold has traces of other metals like copper and zinc. It is used to make jewellery.
Here are gold prices for major cities on August 11, 2023.
| CITY | 22K GOLD PRICE (Rs/10 GMS) | 24K GOLD PRICE (Rs/10 GMS) |
|---|---|---|
| DELHI | 54,700 | 59,660 |
| MUMBAI | 54,700 | 59,510 |
| KOLKATA | 54,550 | 59,510 |
| CHENNAI | 54,850 | 59,840 |
| BENGALURU | 54,550 | 59,510 |
In India, the Gold prices are dependent on several factors including currency, global demand, interest rates and government policies. 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 is the demand for the precious metal. If the demand for gold is not robust, the prices will fall.
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 prices remained unchanged on Friday. According to website Goodreturns, the price of one gram of silver stood at ₹73. In Delhi, Mumbai and Kolkata, the price of 10 gms of silver was at ₹730. In Chennai and Bengaluru, the price of 10 gms of silver stood at ₹762 and ₹722.50 respectively.
In India, the silver prices are determined on factors like gold rates, industrial demand, inflation etc. If the price of gold surges, the silver rate will also go up. The industrial firms use silver for production of various commodities like jewellery, coins, medals etc.
