Gold prices remained unchanged across the country on Friday. According to website Goodreturns, one gram of 22 carat gold costs ₹5,545. On the other hand, one gram of 24 carat gold is priced at ₹6,049.
Gold is traded mostly in form of bars, coins and jewellery. It is now a mode of investment in the long run and acts as a hedge against inflation. There are two types of gold based on purity. A 22 carat gold contains traces of other metals including copper and zinc, and is used to make jewellery. On the other hand, a 24 carat gold is called pure gold because it has 99.9 per cent purity.
Here are gold prices for major Indian cities on July 28, 2023.
Gold prices are dependent on several factors including currency, global situation among others.
Another important factor affecting gold price is the interest rate. For example, gold prices fall when the interest rates in countries like US surge. The opposite happens when the interest rates drop. 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.
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 decreased by ₹2 in major Indian cities on Friday. According to website Goodreturns, one gram of silver was priced at ₹76.40. The price of silver in India is dependent on several factors including gold rates, industrial demand, bulk purchases, inflation etc.
As per the website Goodreturns, ten grams of silver in Delhi, Mumbai and Kolkata were sold at ₹764. On the other hand, silver was being sold in Chennai and Hyderabad at ₹795 per ten grams.