Gold prices in India saw a modest increase of ₹25 on the most recent Sunday. Data from the Goodreturns website indicated that the rates for 22K and 24K gold were ₹5,275 per gram and ₹5,754 per gram, respectively.
It’s essential to understand that ‘K’ or carat is a unit used to gauge the purity of gold. 24K gold is often referred to as pure gold, as it exists in a liquid form and boasts a remarkable purity level of 99.9 percent, devoid of any traces of other metals. On the other hand, 22K gold contains minor traces of metals like copper and zinc.
Here’s a breakdown of gold prices for major Indian cities as of October 8, 2023:
CITIES 22K GOLD PRICE (Rs/10 GMS) 24K GOLD PRICE (Rs/10 GMS)
DELHI 52,900 57,690
MUMBAI 52,750 57,540
CHENNAI 53,700 58,580
KOLKATA 52,750 57,540
BENGALURU 52,750 57,540
How Gold Prices Are Determined:
Gold prices in India are influenced by a variety of factors, including currency exchange rates, global demand, prevailing interest rates, and government policies. When the Indian rupee weakens against the US dollar, gold prices tend to rise.
Additionally, international variables such as global economic growth, the strength of the US dollar relative to other currencies, and more, play significant roles in gold pricing. The level of demand for this precious metal also plays a pivotal role. Lackluster demand typically leads to lower prices.
Moreover, gold prices in Indian cities are subject to various factors such as local demand, state taxes, octroi charges, interest rates, regulations set by bullion associations, transportation costs, and other considerations.
Silver Prices:
On the same day, silver prices also experienced a slight increase, rising by ₹1.50. Data from the Goodreturns website revealed that the cost of one gram of silver reached ₹72.10. In Delhi, Mumbai, and Kolkata, the prices for 10 grams of silver were recorded at ₹721. Conversely, in Bengaluru and Chennai, the prices stood at ₹688 per 10 grams and ₹750 per 10 grams, respectively.