Gold Prices Hit New High! 24-Carat Crosses Rs 90,000, Silver Rates Surge—Check Today's Market Rates

Know the Gold and Silver Prices Across Major Cities

Gold buyers will have to pay more from their pockets as the price of the precious yellow metal continues to rise. On Friday, March 21, the price of 24-carat gold jumped, increasing the cost to investors and jewellery lovers alike. On the contrary, on 10 grams, the better preferred 22-carat gold whose strength is popular with jewellers is priced at Rs 83,110.

According to Good Returns, 10 gm of 24-carat gold is fetched at Rs 90,670, indicating an upward movement in the price of gold. Silver also has increased prices and sells for Rs 1,05,200 per kilogram now.

City Wise Gold and Silver Rates 

Factors Affecting Gold Prices in India

Much as popularly imagined, gold prices in India do not simply rely on supply and demand. Rather, they are heavily determined by international trade flows, including spot market trade in the London OTC and futures trade in the COMEX gold market.

Moreover, other elements like global events, geopolitical tensions, central bank actions, and currency movements play a role in the fluctuating prices of the precious metal. Since India sources a large majority of its gold supply from imports, global price movements directly influence domestic prices.

Local gold prices are also influenced by import duties and taxes. As gold is usually considered an inflation hedge, its value tends to be affected by changes in the US dollar and bond yields.

Verifying Gold Purity

When gold prices have increased, checking authenticity and purity becomes important for consumers. There are a couple of valid methods to check the gold quality:

Check the Hallmark: Real gold jewellery must be hallmarked to signify its purity. For example, gold that is 22 kt, also known as 916 gold, must at least have a stamp showing '916'.

Look for the BIS Standard Mark: With a standard triangular BIS mark, the Bureau of Indian Standards certifies that the gold has a specified purity level.

Acid Testing: A nitric acid test can really determine whether the gold is an original. However, this must be done under expert oversight so as not to damage the metal.

Observe the Colour: Pure gold is yellow and does not fade with time, discoloration denotes impurities or alloyed metals.

India's Gold Demand and Market Trends

India is the second largest consumer of gold after China. Demand for gold in India has traditionally seen a significant increase during festivals, marriages, and religious ceremonials wherein gold jewellery forms a very important component. Most of the gold supply to India is imported; the remaining supply comes from recycled bullion.

Market trends indicate that investors see gold as a safe-haven investment, especially during economic instability. With increasing global uncertainties, investment demand for gold is anticipated to continue growing, further affecting its price movement.

With gold and silver prices increasingly on the rise, buyers are required to be aware of price fluctuations and their determinants within the market. Whether buying gold for investment purposes or for decorative purposes, comparing purity and current market rates allows for informed judgements in the shifting gold market.