Gold and silver price on July 23: Check latest rates in your city today

Gold prices decreased by ₹25 across major Indian cities on Sunday.

According to website Goodreturns, one gram of 22 carat gold costs ₹5,515. On the other hand, 24 carat of gold costs ₹6,016.

A carat or ‘K’ is a term used to measure the purity of gold. A 24K gold is called pure gold and has 99.9 per cent purity. It is in liquid form and cannot be used to make jewellery. Contrary to this, a 22K gold has traces of other metals like copper and zinc. It is used to make jewellery.

In Delhi, ten grams of 22K gold costs ₹55,300 while 24K gold is priced at ₹60,320 per ten grams. Here are the gold prices for major Indian cities on July 23, 2023.

Gold prices in India is dependent on several factors including currency, global factors and government policies. If the rupee slides against US dollar, the price of gold will increase. In Indian cities, gold prices depend on various factors like demand, state taxes, octroi, interest levied etc

Gold is a precious metal and is preferred as a mode of investment. It acts as a hedge against inflation.

Silver price

Silver price reduced by just Re 1 in major Indian cities on Sunday. According to Goodreturns, the website which tracks bullion rates, one gram of silver cost ₹78. In Delhi, Mumbai and Kolkata, 10 grams of silver were priced at ₹780.

Silver is considered cheaper than gold. Its price is dependent on the price of gold. It is also easier to influence silver rates through large purchases. India imports silver from China, United Kingdom, European Union, Australia, and Dubai. Silver can be purchased from banks, jewellers and online agents in India.