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Gold Prices in Indian Cities on October 8, 2023

In the world of precious metals, ‘K’ or carat is the term used to measure the purity of gold. The highest purity is represented by 24K gold, which is considered pure gold with a staggering 99.9 percent purity, making it almost in a liquid form. It is free from traces of other metals. Conversely, 22K gold contains slight traces of metals like copper and zinc.

Gold Price Update

On Sunday, gold prices experienced a modest increase of ₹25. According to Goodreturns, the price of 22K gold and 24K gold currently stands at ₹5,275 per gram and ₹5,754 per gram, respectively.

Factors Influencing Gold Prices

The price of gold in India is influenced by a myriad of factors, including currency exchange rates, global demand, interest rates, and government policies. A weakening of the Indian rupee against the US dollar can make gold more expensive for Indian consumers. International factors, such as global economic conditions and the strength of the US dollar against other currencies, also play a pivotal role in determining gold prices. Furthermore, the demand for gold within India has a direct impact on its prices; if demand is sluggish, prices tend to decrease.

City-Specific Gold Prices

Gold prices in various Indian cities are contingent on several factors, including local demand, state taxes, octroi charges, interest rates, bullion associations, and transportation costs.

Silver Price Update

Silver prices also witnessed a minor increase, rising by ₹1.50 on Sunday. As reported by Goodreturns, the current price of one gram of silver is ₹72.10. In major cities like Delhi, Mumbai, and Kolkata, the price of 10 grams of silver stands at ₹721. Conversely, in Bengaluru and Chennai, the prices are ₹688 per 10 grams and ₹750 per 10 grams, respectively.


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