Gold prices in India witnessed a marginal decline of ₹10 with 10 grams of 22 carat gold costing ₹55,790 compared to ₹55,800 on Sunday, according to figures by Goodreturns. Prices of one gram, eight grams and 100 grams of 22 carat gold have also slightly declined by ₹1, ₹8 and ₹100, now costing at ₹5,579, ₹44,632 and ₹5,57,900 respectively.
The price of 24 carat gold also marginally slumped on Monday. One gram of 24k gold is priced at ₹6,086 while eight grams and 10 grams are priced at ₹48,688 and ₹59,780 respectively. The price of 100 grams of 24-carat gold is ₹5,97,800.
Meanwhile, the prices of silver remained unchanged on Monday. A gram of silver is priced at ₹76.60. Similarly, eight grams of silver is priced at ₹612.80. The price of 10 grams of silver is available at ₹766 while one kg of silver will cost ₹76,600, Goodreturns said.
In India, the prices of gold are based on factors including global demand, currency, interest rates and government policies. It is also dependent on international factors like global economic growth, dollar strength against other currencies etc.
The term ‘carat’ is used to measure the purity of gold. A 24K gold is also called pure gold and has 99.9 per cent purity. While, 22K gold comprises 22 parts of gold mixed with two parts of other metals like copper and zinc.