Gold prices observed a ₹140 increase on Sunday. As reported by Goodreturns, the rate for one gram of 22K gold was ₹5,540, while 24K gold was valued at ₹6,044. The ‘K’ or carat designation is a measure of gold purity, with 24K representing pure gold at 99.9% purity. In contrast, 22K gold contains trace amounts of other metals like copper and zinc, making it a popular choice for crafting jewelry.
Gold is traded in various forms, including coins, bars, and jewelry, making it a preferred mode of investment.
Here are the gold prices for major Indian cities on October 15, 2023:
- Delhi: 22K Gold – ₹55,550 per 10 grams, 24K Gold – ₹60,590 per 10 grams
- Mumbai: 22K Gold – ₹55,400 per 10 grams, 24K Gold – ₹60,440 per 10 grams
- Kolkata: 22K Gold – ₹55,400 per 10 grams, 24K Gold – ₹60,440 per 10 grams
- Chennai: 22K Gold – ₹55,550 per 10 grams, 24K Gold – ₹60,600 per 10 grams
- Bengaluru: 22K Gold – ₹55,400 per 10 grams, 24K Gold – ₹60,440 per 10 grams
Gold prices in India are influenced by various factors, including currency exchange rates, interest rates, government policies, and global demand. A weakening Indian rupee against the US dollar typically leads to higher gold prices. Global economic growth, the strength of the US dollar against other currencies, and the demand for gold are also significant determinants. Factors such as local demand, state taxes, octroi charges, interest rates, bullion associations, and transportation costs further contribute to gold price variations across Indian cities.
As for silver, its price increased by ₹1.50 on Sunday, with one gram of silver now valued at ₹74.10. Silver prices in India are influenced by factors such as gold rates, industrial demand, bulk purchases, and inflation. In Delhi, Mumbai, and Kolkata, the price of 10 grams of silver stood at ₹741. Meanwhile, in Chennai and Bengaluru, it was priced at ₹770/10 grams and ₹715/10 grams, respectively.
Silver prices tend to follow the trajectory of gold prices, increasing in response to rises in gold prices. Industries use silver in the production of various items like jewelry, coins, medals, and more, making it a valuable commodity. Additionally, the silver market is relatively easier to influence through substantial trades and purchases.