Gold prices experienced a decline of ₹25 on Thursday, with one gram of 22K gold priced at ₹5,450, while 24K gold was listed at ₹5,945 per gram, as reported by Goodreturns.
The ‘K’ or carat is a measure of gold purity. 24K gold is considered pure gold, with a purity level of 99.9%, remaining in a liquid state without any traces of other metals. In contrast, 22K gold contains traces of other metals such as copper and zinc.
On September 28, 2023, here are the gold prices for major Indian cities:
- DELHI: 22K GOLD PRICE (Rs/10 GMS) – 54,650 | 24K GOLD PRICE (Rs/10 GMS) – 59,600
- MUMBAI: 22K GOLD PRICE (Rs/10 GMS) – 54,500 | 24K GOLD PRICE (Rs/10 GMS) – 59,450
- KOLKATA: 22K GOLD PRICE (Rs/10 GMS) – 54,500 | 24K GOLD PRICE (Rs/10 GMS) – 59,450
- CHENNAI: 22K GOLD PRICE (Rs/10 GMS) – 54,800 | 24K GOLD PRICE (Rs/10 GMS) – 59,780
- BENGALURU: 22K GOLD PRICE (Rs/10 GMS) – 54,500 | 24K GOLD PRICE (Rs/10 GMS) – 59,450
Gold is typically traded in the form of coins, bars, or jewelry and is a preferred mode of investment, serving as an effective hedge against inflation. Gold prices in India are influenced by several factors, including currency exchange rates, global demand, interest rates, and government policies. When the Indian rupee depreciates against the US dollar, gold tends to become more expensive.
Internationally, gold prices are affected by factors such as global economic growth, the strength of the US dollar against other currencies, and the demand for the precious metal. Additionally, interest rates play a significant role; for example, gold prices tend to decline when interest rates rise in countries like the US.
Silver Prices: Silver is generally considered more affordable than gold. For instance, at ₹61.40 per gram, you can purchase 1 kg of silver for ₹61,400. However, at this price, you would only acquire slightly over 10 grams of gold, depending on the exchange rate.
Goodreturns reported that silver prices remained unchanged at ₹74.20 per gram. In Delhi, Mumbai, and Kolkata, the price of 10 grams of silver stood at ₹742, while in Chennai and Bengaluru, silver prices were ₹770 and ₹730 per 10 grams, respectively.