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Check gold and silver prices of several Indian cities

 

Gold prices dropped on March 24, bringing the much-awaited relief for purchasers following the recent price rise. The falling rates are an appreciable price of news for ornament lovers as well as investors. As reported by Goodreturns, 24-carat gold worth 10 grams now sells at Rs 89,770, whereas 22-carat gold, also widely used to adorn ornaments, can be found for Rs 82,290 for every 10 grams. Silver prices also declined and were at Rs 1,00,900 per kilogram.

 

Gold Prices in Major Cities

 

In Mumbai, Kolkata, Chennai, and Hyderabad, 10 grams of 24-carat gold cost Rs 89,770, whereas in Delhi it was Rs 89,970. The price of 22-carat gold in Mumbai, Kolkata, Bengaluru, Chennai, and Hyderabad was Rs 82,290, whereas in Delhi it was Rs 82,440.

Prices of silver differed between cities. In Mumbai, Delhi, and Kolkata, silver cost Rs 1,00,900 per kilogram, while in Hyderabad and Chennai, the cost was Rs 1,09,900.

 

City Wise Gold and Silver Rates

 

City Gold (22K/10g) Gold (24K/10g) Silver (Rs/Kg)
Delhi Rs 82,440 Rs 89,970 Rs 1,00,900
Mumbai Rs 82,290 Rs 89,770 Rs 1,00,900
Bengaluru Rs 82,290 Rs 89,770 Rs 1,00,900
Chennai Rs 82,290 Rs 89,770 Rs 1,09,900
Kolkata Rs 82,290 Rs 89,770 Rs 1,00,900
Hyderabad Rs 82,290 Rs 89,770 Rs 1,09,900

 

Source: Goodreturns

 

Factors Affecting Gold Prices in India

 

Gold prices in India are not only determined by physical supply and demand. Rather, they are greatly determined by global trading patterns, such as the London OTC spot market and the COMEX gold futures market. Apart from these, gold prices are affected by worldwide events, politics, central bank’s actions, and exchange rates.


How to Check Gold Purity

 

Customers can authenticate gold purity by using the following measures:

Hallmark Check: 22-carat gold (916 gold) has a hallmark stamp of '916.'

BIS Standard Mark: Look for a triangle symbol with "BIS" underneath it.

Acid Test: A nitric acid test, performed under expert guidance, can confirm purity.

Colour Test: Genuine gold remains untarnished over time.

 

Why Invest in Gold

 

Gold has always maintained its status as a safe store of value and a hedge against inflation. It is viewed as a haven in the face of uncertainty in the economy and volatility in the currencies. Central banks around the globe, including the Chinese central bank, the Indian central bank and the Turkish central bank, have been increasing their reserves of gold as part of their reserve policy.

 

Gold's Money Correlation

 

An inverse correlation forms between gold, the US Dollar, and US Treasuries. Other factors include geopolitical activities, as well as interest rate changes, which significantly affect gold price movements.

 

Recent Price Trends of Gold

 

On Friday, March 21, the price of gold soared high, with 24-carat gold coming at Rs 90,670 per 10 grams, while 22-carat gold stood at Rs 83,110 per 10 grams. Prices of silver also went up to Rs 1,05,200 per kilogram.

With the recent gold and silver price dips, the buyers get a chance to acquire them at reduced rates. Still, due to gold's history of strength and its nature as a safe-haven investment, its price path is still determined by world economic trends and the mood of the investors.