Gold prices decreased by Re 1 on Tuesday. According to the website Goodreturns, the price of 22K gold stood at ₹5,634 per gram. On the other hand, the price of 24K gold was at ₹6,146 per gram.
‘K’ or carat is a term used to measure the purity of gold. A 24K gold is called pure gold as it has a purity of 99.9 per cent. It is in liquid form and does not contain traces of other metals. A 22K gold comprises traces of other metals like copper and zinc.
Gold is considered as a safe and reliable mode of investment. It acts as an excellent hedge against inflation.
Here are gold prices for major Indian cities on Tuesday, November 7.
| CITY | 22K GOLD PRICE (Rs/10 GMS) | 24K GOLD PRICE (Rs/10 GMS) |
|---|---|---|
| DELHI | 56,490 | 61,610 |
| MUMBAI | 56,340 | 61,460 |
| KOLKATA | 56,340 | 61,460 |
| CHENNAI | 56,990 | 62,180 |
| BENGALURU | 56,340 | 61,460 |
Gold prices in India are dependent on several factors including currency, global demand, interest rates and government policies. If the rupee slides against the US dollar, the price of gold will increase.
Silver prices
This precious metal is always in demand for making jewellery. In India, the price of silver is determined by factors like gold rates, industrial demand, bulk purchases, inflation etc. If the price of gold increases, the silver price will also increase.
The silver price remained unchanged on Tuesday at ₹75.20 per gram. In Delhi, Mumbai and Kolkata, the price of 10 grams of silver stood at ₹752. In Chennai and Bengaluru, the price of 10 grams of silver stood at ₹782 and ₹740 respectively.