Gold prices increased by ₹10 on Sunday. According to the website Goodreturns, one gram of 22K gold was priced at ₹5,495 while a 24K gold costs ₹5,995.
‘K’ or carat is a term used to measure the purity of gold. A 24K gold is called pure gold as it has 99.9 per cent purity. It is in liquid form and does not contain traces of other metals. A 22K gold has traces of other metals like copper and zinc and is used to make jewellery.
Here are the gold prices for major cities on September 24.
|CITY||22K GOLD PRICE (Rs/10 GMS)||24K GOLD PRICE (Rs/10 GMS)|
Gold prices are dependent on numerous factors including, currency, interest rates, global demand and government policies. When the rupee slides against US dollar in India, the gold price increases.
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 rates will fall. Another important factor affecting gold price is the interest rate. For example, gold prices fall when the interest rates in countries like the United States go up. The opposite happens when the interest rates drop.
The price of silver increased by 30 paise on Sunday. According to the website Goodreturns, one gram of silver is worth ₹75.80. In Delhi, Mumbai and Kolkata, the price of 10 grams of silver is worth ₹758. The cost of silver in Chennai and Bengaluru were ₹793 and ₹742.50.
Silver is considered cheaper than gold. In India, the price of silver is determined by various factors including gold rates. If the gold prices go up, the rates of silver will also increase. Besides this, it is also easier to influence silver prices through large purchases.