Gold Rate In India: Check Latest gold price in different cities
According report, one gram of 22 carats gold was being sold at Rs 5,450 while 24 carats of gold was being sold at Rs 5,945. ‘Carats’ or K is a term used to measure the purity of gold.
Gold Rate in India: Gold is the most valued metal in India and people, especially women have a deep affinity for it. In any country, the price of gold keeps changing on a day-to-day basis across all the cities and India is no exception. Gold and silver prices remained unchanged on Saturday.
According to report, one gram of 22 carats gold was being sold at Rs 5,450 while 24 carats of gold was being sold at Rs 5,945. 24K gold is called pure gold and has 99.9 per cent purity. It is in liquid form and does not contain traces of other metals.
On the other hand, 22K gold has traces of metals like copper and zinc and is used to make jewellery.
Here are the gold prices of 22k and 24K major cities on August 27 2023:
Delhi -54,650, 59,600
Mumbai – 54,500, 59,450
Kolkata – 54,500, 59,450
Chennai – 54,800, 59,780
Bengaluru – 54,500, 59,450
Gold prices are dependent on various factors including currency, rupee against dollars and global situation among others. 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 determining gold prices is demand for the precious metal. If gold is in high demand, the prices will increase.
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.
Also Read: If You Are Tax Payer Read This: Income Tax Department Important Message
Gold loan: Gold loans are secured loans provided by banks as well as NBFCs to individuals and businesses who pledge the yellow metal as collateral. Gold loans are provided up to 75% of loan-to-value ratio (LTV) of the gold. Then interest rate is added by moneylenders when the equated monthly instalment (EMI) begins until a select tenure.
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