Gold prices on Wednesday rose by ₹80 per gram, a data by Goodreturns website stated. According to the website, one gram of 22K gold costs ₹5,650. On the other hand, the price of 24K of gold increased by ₹88 to ₹6,164.
If you are confused about what 22K and 24K gold mean, let us explain. The term ‘K’ or karats is used to determine the purity of gold. A 24K gold is called pure gold with a purity of 99.9 per cent purity. It does not contain other traces of metals.
A 22K gold comprises 22 parts of gold mixed with two parts of other metals like copper and zinc. It is harder than 24K gold due to presence of other metals. It is suited for making jewellery.
Here are the gold prices for top 5 Indian cities on May 3, 2023.
In India, gold rates are dependent on factors including government policies, currency, interest rates and global demand. In case, the value of rupee depreciates against US dollar, the gold will become expensive.
If the demand for gold is not robust, the prices will fall. 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.
The price of silver increased by 70 paise on Wednesday according to Goodreturns website. As per the website, one gram of silver costs ₹76.80. The price of 10 gms of silver in Delhi, Mumbai and Kolkata stood at ₹768. On the other hand, the price of 10 gms of silver in Bengaluru and Chennai stood at ₹818.