Gold rates in India increased by ₹20 on Sunday. According to Goodreturns, the website that tracks daily gold prices, one gram of 22K gold was being sold at ₹5,490. On the other hand, the price of one gram of 24K gold stood at ₹5,989.
In Delhi, 10 grams of 22K and 24K gold were priced at ₹55,050 and ₹60,040 respectively. Here are the gold prices of other major cities on September 17.
Gold is traded in the form of bars, coins, bullions, jewellery, exchanges, exchange trade funds etc.
In India, the prices of this precious metal are determined on several 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 gold rate 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. Another important factor affecting gold price is the interest rate. For example, gold prices fall when the interest rates in countries like US surge. The opposite happens when the interest rates drop.
The price of silver in India remained unchanged on Sunday. According to website Goodreturns, one gram of silver costs ₹74.70. In Mumbai, Delhi and Kolkata, 10 gms of silver cost ₹747.