Overview of Gold and Silver Price Trends
Gold prices have been on a consistent decline, with the latest dip observed on Tuesday. This downward trend is largely attributed to a decrease in demand from local jewelers and retailers. The All India Bullion Association has noted that the prices are driven by this reduced demand, leading to another decrease in the cost of gold across the country.
Recent Changes in Gold Prices
Decrease in Gold Prices
On Tuesday, the price of Tulam’s gold fell by Rs 250 compared to the previous day. This marks the third consecutive decline in gold prices, reflecting the current market conditions. As a result, those planning to purchase gold or silver before Ganesh Chaturthi should be aware of the latest rates to make informed decisions.
Current Gold Prices
The current prices for gold are as follows:
- 22 Carat Gold: Rs 66,700 for 10 grams
- 24 Carat Gold: Rs 72,760 for 10 grams
Gold Prices Across Major Cities
The price of gold varies slightly across different cities in India. Below is a breakdown of the current prices for both 22 carat and 24 carat gold in major cities:
- Chennai:
- 22 Carat: Rs 66,690 for 10 grams
- 24 Carat: Rs 72,760 for 10 grams
- Mumbai:
- 22 Carat: Rs 66,690 for 10 grams
- 24 Carat: Rs 72,760 for 10 grams
- Delhi:
- 22 Carat: Rs 66,840 for 10 grams
- 24 Carat: Rs 72,910 for 10 grams
- Hyderabad:
- 22 Carat: Rs 66,690 for 10 grams
- 24 Carat: Rs 72,760 for 10 grams
- Vijayawada:
- 22 Carat: Rs 66,690 for 10 grams
- 24 Carat: Rs 72,760 for 10 grams
- Kerala:
- 22 Carat: Rs 66,690 for 10 grams
- 24 Carat: Rs 72,760 for 10 grams
- Bangalore:
- 22 Carat: Rs 66,690 for 10 grams
- 24 Carat: Rs 72,760 for 10 grams
Decline in Silver Prices
Alongside gold, the price of silver has also seen a decrease. The price per kilogram of silver has dropped by Rs 900, bringing the current rate to Rs 85,900.
Understanding Gold Purity
24 Carat Gold
- Purity: 24 carat gold is considered the purest form, with 99.9% purity.
- Uses: This high purity gold is primarily used for the manufacture of gold coins and bars. No other metals are mixed with it, making it highly valuable.
22 Carat Gold
- Composition: 22 carat gold consists of 22 parts gold and 2 parts of other metals, such as silver or nickel.
- Purity: This type of gold represents 91.67% purity.
- Uses: Due to the addition of other metals, 22 carat gold is harder and more suitable for making jewelry. The slight reduction in purity is balanced by its increased durability, making it ideal for crafting fine pieces of jewelry.
This detailed overview provides you with the current trends and essential information on gold and silver prices, as well as the distinctions between different purities of gold.