Gold rate down today: In global markets, gold rates today fell to lowest in nearly a year, buffeted by an elevated US dollar. Prospects of more interest rate hikes by major central banks also weighed on bullion’s appeal. Spot gold today fell to $1,691.40, the lowest since August 2021. A stronger US dollar makes greenback-priced bullion more expensive for buyers holding other currencies. Gold rate down today, check latest rates.
In India, the fall has been less steep due to the recent import duty hike on the gold rate. MCX gold futures were down 0.5% to Rs 49,958 per 10 gram, the lowest since February, while silver fell 0.88% to Rs 55130 per kg. India imports most of its gold requirement. Besides global rates and rupee-dollar movement, domestic gold rate also track change in different levies like import duty and GST.
Hall marks are given by the International Organization for Standardization to identify the purity of gold rate. 999 on 24 carat gold, 958 on 23 carat, 916 on 22 carat, 875 on 21 carat and 750 on 18 carat. Most of the gold is sold in 22 carats, while some people also use 18 carats. Carat is not more than 24, and the higher the carat, the purer the gold.
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What is the difference between 22 and 24 carat gold
There is also a difference between 22 and 24 carat gold. 24 carat gold is 99.9 percent pure and 22 carat is about 91 percent pure. Jewellery is prepared by mixing 9% other metals like copper, silver, zinc in 22 carat gold. While 24 carat gold rate is the purest, let us tell you that 24 carat gold jewellery cannot be made. That’s why most of the shopkeepers sell gold in 22 carats.
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