Gold and silver prices on August 12: Check latest rates in your city today

Gold prices decreased by ₹15 per gram on Saturday. According to website Goodreturns, one gram of 22 carat gold was priced at ₹5,455 while a 24 carat gold cost ₹5,951 per gram.

If you are confused about the term ‘carat’, let us clear it for you. The term ‘carat’ or ‘K’ is used to measure the purity of gold. A 24K gold is called pure gold and contains 99.9 per cent purity. It is in liquid form and does not contain traces of other metals. On the other hand, 22K gold contains traces of other metals like copper and zinc. It is used to make jewellery.

Here are the gold prices for major Indian cities on August 12, 2023.

The term ‘carat’ or ‘K’ is used to measure the purity of gold

Factors affecting gold prices
There are numerous factors affecting gold prices in India. If the Indian rupee slides against US dollar, the gold rates will surge. Another important is the demand for this metal. If the demand is not high, the prices will fall. The other factors are global economic growth, dollar strength against other currencies.

Gold is a preferred mode of investment and traded in coins, bars, bullions and jewellery. The Bureau of Indian Standards (BIS) is a national body entrusted with the harmonious development of the activities of standardisation, marking and quality certification of goods. It has a hallmarking system for gold and silver in India.

Silver prices
Silver prices remained unchanged on Saturday. According to website Goodreturns, one gram of silver cost ₹73. In Delhi, Mumbai, Bengaluru and Kolkata, ten grams of silver cost ₹730. On the other hand, silver in Chennai was priced at ₹762 per ten grams.

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.