Gold prices increased by ₹40 across major cities on Sunday. According to website Goodreturns, one gram of 22K gold was being sold at ₹5,455 while one gram of 24K gold was priced at ₹5,951.
In Delhi, ten grams of 22K gold and 24K gold were priced at ₹54,700 and 59,660 respectively. In Mumbai, the price of ten grams of 22K and 24K gold stood at ₹54,550 and ₹59,510 respectively.
What are 24K and 22K gold?
If you are confused about what does ‘K’ stand for in terms of gold prices, we shall clear it for you. ‘K’ or karat is the term used to measure the purity of gold. A 24K gold is the purest form of gold with 99.99 per cent purity as it does not contain traces of other metals. On the other hand, a 22K gold contains parts of other metals like copper and zinc. This form of gold is used to make jewellery.
Here are the gold prices for other major cities on July 9, 2023.
In India, gold prices are determined on various factors including currency, government policies and exchange rates. If the Indian rupee slides against the US dollar, the price of gold will increase.
Silver price
The price of silver increased by just Re 1 on Sunday. According to website Goodreturns, one gram of silver costs ₹73.30 today. Here are the silver rates for major Indian cities on July 9, 2023.
In India, the price of silver is dependent on the price of gold. If the gold rates increase, the price of silver will surge. The purity grade of fine silver is either 999.9, 999.5 or just 999. For silver alloys, jewellery and artefacts, the purity grade is 970, 925, 900, 835, 800v.