Gold and silver prices on October 8: Check latest rates in your city today

Gold prices increased by 25 on Sunday. According to website Goodreturns, the price of 22K and 24K gold stood at 5,275 per gram and 5,754 per gram respectively.

‘K’ or carat is a term used to measure the purity of gold. A 24K gold is called pure gold as it is in liquid form and has purity of 99.9 per cent. It does not contain traces of other metals. A 22K gold contains traces of other metals like copper and zinc.

Here are the gold prices for major Indian cities on October 8, 2023.

Gold prices recently reached a three-week high in the international market.
Gold prices recently reached a three-week high in the international market.

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 are gold prices determined?

Gold prices in India are determined on numerous factors including currency, global demand, interest rates and government policies. If the rupee slides against the US dollar in India, gold will become expensive.

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.

The gold prices in Indian cities depend on various factors like demand, state taxes, octroi charges, interest levied, bullion associations, transportation costs etc.

Silver prices

The price of silver increased by 1.50 on Sunday. According to the website Goodreturns, one gram of silver costs 72.10. In Delhi, Mumbai and Kolkata, the price of 10 grams of silver stood at 721. On the other hand, silver in Bengaluru and Chennai stood at 688 per 10 grams and 750 per 10 grams.

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