Gold prices increased by ₹140 on Sunday. According to website Goodreturns, one gram of 22K gold was worth ₹5,540 while the cost of 24K gold stood at ₹6,044. ‘K’ or carat is a term used to measure the purity of gold. A 24K gold is called pure gold as it has a purity of 99.9 per cent. On the other hand, 22K gold contains traces of other metals like copper and zinc. It is used in making jewellery.
Gold is traded in forms of coins, bars and jewellery. It is a preferred mode of investment.
Here are gold prices for major Indian cities on October 15, 2023.
|CITY||22K GOLD PRICE (Rs/10 GMS)||24K GOLD PRICE (Rs/10 GMS)|
In India, gold prices are dependent on several factors including currency, interest rates, government policies and global demand. If the Indian rupee slides against the US dollar, the price of gold will increase.
The gold price is also determined by 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.
The gold prices in Indian cities are determined by numerous factors like demand, state taxes, octroi charges, interest levied, bullion associations, transportation costs etc.
The price of silver increased by ₹1.50 on Sunday. According to website Goodreturns, one price of silver was worth ₹74.10. In India, the price of silver is determined by factors like gold rates, industrial demand, bulk purchases, inflation etc.
In Delhi, Mumbai and Kolkata, the price of 10 gms of silver stood at ₹741. On the other hand, the price of this precious metal in Chennai and Bengaluru stood at ₹770/10 gms and ₹715/10 gms.
If the price of gold increases, the silver price will also increase. The industrial firms use silver for production of various commodities like jewellery, coins, medals etc.Also, it is easier to influence the silver market through large trades and purchases.