Gold and silver price:
Gold is traded in the form of gold coins and bars and serves as an excellent inflation hedge.
On Monday, gold prices rose by Re 1. A gram of 22K gold costs $5,491 according to the website Goodreturns. The price of one gram of 24K gold, on the other hand, was $5,990.
The term ‘K’ or carat is used to describe the purity of gold. Pure gold is defined as 24K gold with a purity of 99.9%. It exists as a liquid and contains no traces of other metals. 22K gold contains traces of other metals such as copper and zinc and is used to create jewelry.
The following are the gold prices in key Indian cities on September 18, 2023.
| CITY | 22K GOLD PRICE (Rs/10 GMS) | 24K GOLD PRICE (Rs/10 GMS) |
|---|---|---|
| DELHI | 55,060 | 60,050 |
| MUMBAI | 54,910 | 59,900 |
| CHENNAI | 55,310 | 60,330 |
| KOLKATA | 54,910 | 59,900 |
| BENGALURU | 54,910 | 59,900 |
Gold is traded in the form of gold coins and bars and serves as an excellent inflation hedge. Prices in India are affected by factors such as currency, global demand, interest rates, and government regulations. If the Indian rupee falls against the US dollar, gold will become more expensive.
Gold prices are also affected by international variables such as global economic development, dollar strength against other currencies, and so on. Another key factor is the precious metal’s demand. Prices will decline if demand for gold is not strong. The interest rate is another major element influencing the gold price. Gold prices, for example, fall when interest rates in countries such as the United States rise. When interest rates fall, the opposite occurs.
Silver price
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.
The price of one gram of silver was 74.70 according to the website Goodreturns. The price of 10 grams of silver in Delhi, Mumbai, and Kolkata was 747. 10 grams of silver costs Rs.782 in Chennai and Rs.732.50 in Bengaluru.
