Gold and silver prices on July 27: Check latest rates in your city today
Gold prices increased by ₹30 per gram on Thursday. According to website Goodreturns, one gram of 22 carat gold was being sold at ₹5,545. On the other hand, one gram of 24 carat gold was priced at ₹6,049.
Here are the gold prices for major cities across the country on July 27, 2023.
Gold prices depend on several factors including currency, global situation and government policies. If the rupee slides against dollar, the price of the precious metal will increase.
Earlier, you must have noticed the letter ‘k’ along with gold. ‘K’ or carat is a term used to measure the purity of gold. A 24K gold is the purest form of the metal as it has 99.9 per cent purity. It is in liquid form and cannot be used to make jewellery. A 22K gold contains traces of other metals like copper and zinc. It is commonly used to make jewellery.
Gold is traded in coins, bars and jewellery. It is the most preferred mode of investment. It acts as a hedge against inflation. The Bureau of Indian Standards (BIS) is a national body entrusted with the harmonious development of the activities of standardization, marking and quality certification of goods. It has a hallmarking system for gold and silver in India.
Silver price
The price of silver increased by Re 1 for major cities across the country. According to website Goodreturns, one gram of silver costs ₹78.40. 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. The industrial firms use silver for production of various commodities like jewellery, coins, medals etc.
In Delhi, Mumbai and Kolkta, 10 grams of silver were being sold at ₹784, while the prices of 10 grams of the precious metal in Chennai and Bengaluru were
₹815 and ₹765 respectively.