Gold Prices On July 29 2023: Gold prices remained unchanged on Saturday, with one gramme of 22-karat gold selling for 5,510, according to the website Goodreturns. On the other hand, the price per gramme of 24 carat gold was 6,011.
The term ‘carats’ or ‘K’ refers to a measurement of gold’s purity. 24K gold is considered pure gold because it is 99.9% pure and contains no residues of other metals. Since it is liquid, it cannot be used to create jewellery. In contrast, 22K gold contains traces of metals such as copper and zinc. It is used to create jewellery.
Gold Prices On July 29 2023: Updated Gold Prices In Major Cities
| CITY | 22K GOLD PRICES (Rs/10 GMS) | 24K GOLD PRICES (Rs/10 GMS) |
|---|---|---|
| DELHI | 55,250 | 60,260 |
| MUMBAI | 55,100 | 60,100 |
| KOLKATA | 55,100 | 60,110 |
| CHENNAI | 55,500 | 60,550 |
| BENGALURU | 55,100 | 60,110 |
The price of gold is influenced by a number of variables, including currency, global conditions, and government policies. If the rupee weakens against the US dollar, gold prices will rise.
The demand is a significant factor in determining the price of gold. If demand is low, the price will decrease. The interest rate is a significant factor influencing gold’s price. For example, gold prices decline when interest rates in countries such as the United States increase. The opposite occurs when interest rates decline.
Gold is traded in ingots, coins, bullions, jewellery, exchanges, exchange-traded funds, and other forms.
Silver cost
On Saturday, the price of silver increased by 60 paise. According to the website Goodreturns, the cost of one gramme of silver was 77. Ten grammes of silver were being sold for 770 in Delhi, Mumbai, and Kolkata. In contrast, 10 grammes of silver were sold for 800 in Chennai.
Who controls the gold price?
Rather than the availability and demand for physical gold, the London Over-the-Counter (OTC) spot gold market and the COMEX gold futures market have the greatest impact on gold prices. Other markets, such as the Shanghai Gold Exchange (SGE) and Multi-Commodity Exchange (MCX), typically reflect the prices established by the London and New York paper gold markets. In addition, global economic and political events, as well as central bank policies and currency fluctuations, can have a substantial impact on the gold price.
Gold, silver price today, July 26, 2023: Yellow metal rise, silver trades lower on MCX
How is the gold price determined in India?
India is one of the world’s leading consumers of gold. Gold is commonly regarded as a safe investment during economic downturns and unpredictability. As a global commodity priced in US dollars, a weakened dollar can lead to an increase in the price of gold. In addition to escalating interest rates and central bank actions, other variables impact the price of gold.
