All You Need to Know About Gold Prices in India
Gold is one of the most popular precious metals when it comes to investment and personal use in India. Understanding the prices and purity of gold is essential while making any purchase, whether it’s for investment or personal use. This article provides all the vital information you need to know before investing in gold or buying gold jewellery in India.
The Latest Gold Prices in India
| Gold Type | Price per 10 gm (INR) | Price per 10 gm (USD) | Price per 10 gm (EUR) | Price per 10 gm (GBP) |
|---|---|---|---|---|
| 24 Carat Gold | 60,010 | 1,933.83 | 1,809.39 | 1,567.89 |
| 22 Carat Gold | 54,970 | 1,773.33 | 1,654.10 | 1,432.26 |
Understanding the Purity of Gold
Gold is available in different purities, and it’s essential to understand the difference between them.
24 Carat Gold
24 carat gold is the purest form of gold, and it signifies 99.9 percent purity. It doesn’t contain any other metals and is used to make gold coins, bars, and other investment options.
22 Carat Gold
The 22 carat gold is ideal for jewellery making, and it is 22 parts gold and two parts silver, nickel, or another metal. The mixing of other metals makes gold more stiff and appropriate for jewellery. The 22 carat gold often reflects 91.67 of gold purity.
Know the Difference Between 24 Carat and 22 Carat Gold
| Gold Type | Purity | Price | Usage | Colour |
|---|---|---|---|---|
| 24 Carat Gold | 99.5% | Most expensive | Investment Options | Bright Yellow |
| 22 Carat Gold | 91.6% | Relatively Inexpensive | Jewellery, Bars, Bullions, Coins | Tainted due to other metals |
- 24 Carat gold contains 99.5% purity and is mostly used for investment options.
- 24 Carat gold is bright yellow in colour.
- 22 Carat gold is 91.6% pure and ideal for making jewellery.
- 22 Carat gold is relatively inexpensive than 24 Carat gold.
- 22 Carat gold is tainted due to the presence of other metals.
Gold Rate in Major Cities
- Gold rates may vary from city to city based on various factors, including demand, interest levied, octroi charges, state taxes, gold traders, bullion associations, transportation costs, making charges, and other such.
Factors Affecting Gold Price in India
Like other financial assets, the price of gold also keeps fluctuating. While demand for gold is one of the key factors that determine its market price, a gamut of other factors have a role too.
- Demand is one of the significant factors affecting the price of gold.
- Economic and political instability also play a significant role.
- Interest rates set by the RBI can also affect gold prices.
- The overall health of the global economy and the supply of gold are other crucial factors that impact gold prices.
Why is it important to know how much gold costs right now?
Gold is considered a safe investment option and a hedge against inflation. The prices of gold keep fluctuating, and it’s crucial to know how much gold costs before making any investment or purchasing jewellery.
- How is gold priced in India?
- Is buying gold jewellery a good investment option?
- Does the price of gold change?
- What is the difference between 24 Carat gold and 22 Carat gold?
- How can I ensure the purity of gold jewellery while purchasing?
- What are the factors that affect the price of gold in India?
- Can I compare gold prices at different jewellers?
- Is it better to invest in gold or gold stocks?
- How much gold can I buy without any documentation?
- Can I purchase gold online in India?
Conclusion
Gold is an essential asset class with a high level of demand in India. Knowing the current market price and understanding the purity of gold are crucial while making any purchase. The factors determining the price of gold keeps fluctuating, and it’s essential to stay updated with the market trends while investing in gold.