Gold prices remain unchanged on December 31, silver rates rise by 30 paise

Gold prices remained unchanged on the last day of 2023. According to the website Goodreturns, one gramme of 24K and 22K gold cost ₹5,855 and ₹6,387 respectively.

In Delhi, 22K gold cost ₹58,700 per 10 grammes while the price of 24K gold stood at ₹63,970 per 10 grammes. In the national capital, gold prices are dependent on factors including market price, cost of production, supply and demand, economic conditions and currency values.

In India’s financial capital Mumbai, 10 grammes of 24K gold cost ₹63,870. In Kolkata, the price of 24K gold was the same as in the maximum city.

‘K’ or carat is used to measure the purity of gold. A 24K gold is considered to be pure gold, liquid in form and not having any trace of other metals. The 22K gold is used to make jewellery and it contains traces of copper and zinc.

Here are the gold rates of other major cities on December 31, 2023.

How are gold prices determined in India?
Gold prices in India are dependent on factors including currency, global demand, interest rates and government policies. In case the Indian rupee slides against the US dollar in India, gold will become expensive.

The gold price also depends on on international factors like global economic growth, dollar strength against other currencies etc. Another important factor is the demand for gold. If the demand for this precious metal is not robust, the prices will fall.

Silver prices
The price of silver increased by 30 paise on the last day of 2023. One gramme of silver cost ₹78.60. Silver is always available in the market due to its high demand.

Here are the prices of silver in major Indian cities on December 31, 2023.

In India, the price of silver is determined by factors like gold rates, industrial demand, bulk purchases, inflation etc.