Gold and silver prices on Sept 16: Check latest rates in your city today
Gold prices increased by Re 1 on Saturday. According to website Goodreturns, one gram of 22K gold costs ₹5,471 today. ‘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. On the other hand, a 22K gold contains traces of other metals like copper and zinc and is used to make jewellery.
Here are the gold and silver prices for major cities on September 16, 2023.
| CITY | 22K GOLD PRICES (Rs/10 GM) | 24K GOLD PRICES (Rs/10 GM) |
|---|---|---|
| DELHI | 54,860 | 59.830 |
| MUMBAI | 54,710 | 59,680 |
| CHENNAI | 55,010 | 60,010 |
| KOLKATA | 54,710 | 59,680 |
| BENGALURU | 54,710 | 59,680 |
Gold is a preferred mode of investment and acts as a hedge against inflation. It is usually traded in forms of bars, coins and jewellery. In India, the price of gold is dependent on several factors including currency, global demand, interest rates and government policies. If the rupee slides against the US dollar in India, gold will become expensive.
he price of gold is also dependent on international factors like global economic growth, dollar strength against other currencies etc. Another important factor is the demand for the precious metal. If the demand for gold is not robust, the prices will fall.
Silver price
The price of silver remained unchanged on Saturday. According to website Goodreturns, the price of one gram of silver stood at ₹74 gram. Silver is always in demand in the jewellery markets in India. Since there is a huge demand for silver, the availability of the metal is dropping.
According to the website Goodreturns, 10 grams of silver in Delhi, Mumbai and Kolkata stood at ₹740. On the other hand, the precious metal’s prices in Bengaluru and Chennai stood at ₹735 per 10 gms and ₹775 per 10 gms.