Gold prices in major Indian cities remained unchanged on Friday. According to Goodreturns, the website which tracks gold and silver prices, one gram of 22k gold costs ₹5,450. On the other hand, one gram of 24K gold costs ₹5,945.
In case you are confused, ‘K’ or Karats is a term used to measure the purity of gold. To make it simple, 24K gold is also called pure gold and has 99.9 per cent purity. It does not contain traces of other metals. On the other hand, 22K gold comprises 22 parts of gold mixed with two parts of other metals like copper and zinc. It is suited for making jewellery.
Here are the gold prices for major Indian cities on June 23.
In India, gold prices are determined on factors like currency, global conditions, interest rates and government policies. Another important factor is the demand for the precious metal. If the demand for gold is not robust, the prices will fall.
Silver price
The price of silver almost remained unchanged in major cities on Friday. According to website Goodreturns, one gram of silver costs ₹71.50. In India, silver prices are dependent on gold rates, industrial demand, bulk purchases, inflation etc.
Here are the silver prices for prominent Indian cities on June 23.
Silver can be purchased from banks, jewellers and online agents in India. The banks charge higher rates due to purity checks and assurance provided by them.