Gold is a popular investment option, and it is available as coins, bars, bullions, and jewelry.

On Saturday, gold prices fell by $15 per gram. According to the website Goodreturns, one gram of 22 carat gold costs $5,455, while one gram of 24 carat gold costs $5,951.

Let us clear up any confusion about the term ‘carat’ for you. The term ‘carat’ or ‘K’ refers to the purity of gold. 24K gold is known as pure gold since it boasts 99.9% purity. It exists as a liquid and contains no traces of other metals. 22K gold, on the other hand, has traces of other metals such as copper and zinc. It is used in the production of jewelry.

The gold prices for major Indian cities on August 12, 2023 are as follows.

CITY 22K GOLD PRICE (Rs/10 GMS) 24K GOLD PRICE (Rs/10 GMS)
DELHI 54,700 55,660
MUMBAI 54,550 59,510
KOLKATA 54,550 59,510
CHENNAI 54,850 59,840
BENGALURU 54,550 59,510

Gold price influencing factors

A variety of factors influence gold prices in India. Gold prices will rise if the Indian rupee falls versus the US dollar. Another critical factor is the metal’s demand. Prices will decline if demand is not high. Other considerations include global economic growth and the dollar’s strength against other currencies.

Gold is a popular investment option and is available as coins, bars, bullions, and jewelry. The Bureau of Indian Standards (BIS) is a national organization tasked with coordinating the activities of standardisation, marking, and quality certification of goods. India has a gold and silver hallmarking system.

Prices for silver

On Saturday, silver prices stayed flat. One gram of silver costs 73 cents, according to the website Goodreturns. Ten grams of silver cost 730 rupees in Delhi, Mumbai, Bengaluru, and Kolkata. Silver, on the other hand, was valued at Rs.762 per ten kilos in Chennai.

Silver prices in India are governed by factors such as gold rates, industrial demand, bulk purchases, inflation, and so on. If the price of gold rises, so will the price of silver.

 

By Deesha

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