According to the website Goodreturns, the price of 22K and 24K gold stood at ₹5,390 per gram and ₹5,880 per gram respectively
Gold prices decreased by ₹60 on Friday. According to the website Goodreturns, the price of 22K and 24K gold stood at ₹5,390 per gram and ₹5,880 per gram respectively.
Read More: RBI MPC: Loan Interest Rates In The Spotlight; Here’s What Home Buyers Can Expect
K or karats is a term used to measure the purity of gold. In simple words, 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.
Gold is a preferred form of investment and is traded in the form of coins, bars and jewellery, acting as a perfect hedge against inflation. Here are the gold prices for major cities on September 29, 2023.
Read More: Infosys to start next appraisal cycle, but salary hikes from last cycle still pending
| CITY | 22K GOLD PRICES (Rs/10 GMS) | 24K GOLD PRICES (Rs/10 GMS) |
|---|---|---|
| DELHI | 54,050 | 58,950 |
| MUMBAI | 53,900 | 58,800 |
| KOLKATA | 53,900 | 58,800 |
| CHENNAI | 54,100 | 59,020 |
| BENGALURU | 53,900 | 58,800 |
In India, gold prices are dependent on several factors including global situation, currency, and demand. If the rupee slides against US dollar, the price of gold will go up.
The price of gold is also dependent on international factors like global economic growth, dollar strength against other currencies etc. Another important factor is the demand for the precious metal. 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.
Silver prices
The price of silver decreased by 50 paise on Friday. According to website Goodreturns, the price of one gram of silver stood at ₹73.70. In Delhi, Mumbai and Kolkata, 10 grams of silver cost ₹737. In Chennai and Bengaluru, the prices of 10 grams of silver stood at 765 and ₹730 respectively.
