Gold prices decreased by ₹25 on Saturday, July 22. According to Goodreturns, the website which tracks the price of this metal, one gram of 22K gold costs ₹5,515 while one gram of 24K gold is priced at ₹6,016.
The term ‘K’ or carat is used to determine the purity of gold. A 24K gold is called pure gold and it has 99.9 per cent purity. It is liquid in the state and cannot be moulded to make bars, jewellery etc. On the other hand, 22K gold has traces of other metals like copper and zinc.
Here are gold prices for major cities on July 22, 2023.
| CITY | 22K GOLD PRICE (Rs/10 GMS) | 24K GOLD PRICE (Rs/10 GMS) |
|---|---|---|
| DELHI | 55,550 | 60,590 |
| MUMBAI | 55,150 | 60,160 |
| KOLKATA | 55,150 | 60,160 |
| CHENNAI | 55,700 | 60,760 |
| BENGALURU | 55,150 | 60,160 |
Gold prices are determined by various factors including currency exchange rates, global demands, interest rates and government policies. If the rupee slides against US dollar, the price of gold will increase.
Gold is traded in the form of bars, coins, bullions, jewellery, exchanges, ETFs etc. It is considered a safe and reliable mode of investment, acting as a hedge against inflation.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually.
Silver price
The price of silver in India decreased by just Re 1, according to website Goodreturns. One gram of silver costs ₹78 on Saturday, July 22. In Delhi, Mumbai and Kolkata, 10 grams of silver were sold at ₹780. In Chennai and Hyderabad, the price of same amount of silver was ₹805.
Silver is considered cheaper than gold. It is always in higher demand than gold among jewellers and industrial firms because its usage is not just limited to jewellery items.
In India, the price of silver is determined by various factors including gold rates. If the gold prices go up, the rates of silver will also increase.
