Gold and silver prices on July 29
Gold prices remained unchanged on Saturday, with one gram of 22 carat of the precious metal being sold at ₹5,510, website Goodreturns reported. On the other hand, 24 carats of gold was being sold at ₹6,011 per gram.The term ‘carats' or ‘K' is a measurement of purity of gold. A 24K gold is called pure gold because it has 99.9 per cent purity and does not contain traces of other metals. It is in liquid form and cannot be used to make jewellery. On the other hand, a 22K gold contains traces of other metals like copper and zinc. It can be used to make jewellery.Here are gold and silver prices for major Indian cities on July 29, 2023.
Gold prices are dependent on several factors including currency, global conditions and government policies. If the rupee slides against US dollar, the price of gold will increase.
Another important factor determining the price of gold is the demand. If the demand is not high, the price will fall. Another important factor affecting gold price is the interest rate. For example, gold prices fall when the interest rates in countries like US surge. The opposite happens when the interest rates drop.
Gold is traded in the form of bars, coins, bullions, jewellery, exchanges, exchange trade funds etc.
The price of silver increased by 60 paise on Saturday. According to website Goodreturns, one gram of silver was priced at ₹77. In Delhi, Mumbai and Kolkata, ten grams of silver were being sold at ₹770. On the other hand, 10 grams of silver in Chennai were sold at ₹800.
Silver is always in demand in the jewellery market in the country. There is a huge demand for silver, the availability of the metal is dropping.
A. 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.