Gold Rate Update: The price of gold in India is affected by a wide range of factors. First, there are the global factors, which are heavily influenced by numerous other elements. These include the precious metal’s supply and demand. Naturally, demand originates from sources like the Gold Exchange Traded Funds and the nation’s central banks. Now, in terms of supply, increased mining activity and discoveries will result in increased selling pressure for the metal. This brings us to the typical foreign elements influencing the prices. In India, the cost of 22-karat gold is currently Rs 5,640 per gram, whereas the cost of 24-karat gold is Rs 6,153 per gram.
Price of gold in some major cities
|Name of cities||Prices of 22k gold in rupees|
Magnetic gold purity check test
In India, there are numerous ways to determine the purity of gold. The magnetic method is one of the most widely used techniques for checking gold. This method is recognised to be significantly more practical than others, such as acid. Imagine having to carry acid about in order to do an acid test. Since you can fit a tiny piece of the magnet in your pocket with ease, it is much easier. This mechanism’s simplicity in understanding adds to its beauty. The straightforward reasoning is that any metal that is combined with gold will be drawn to the magnet right away.
Gold Rate Update: On MCX
In India, there are numerous ways to determine the purity of gold. The magnetic method is one of the most widely used techniques for checking gold. This method is recognised to be significantly more practical than others, such as acid. Imagine having to carry acid about in order to do an acid test. The price of the 10-gram gold futures contract for October 5, 2023 on the MCX decreased by 0.06 percent to Rs 60906. Silver futures contracts with September 5, 2023 delivery dates are currently worth Rs. 71146, which is 0.73% less than the contract’s value on December 5, 2023.
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