Gold Rate Update: The value of the rupee relative to the dollar is one of many variables that affect the price of gold and silver in India. The changes seen in the price of precious metals are also heavily influenced by global demand. Today’s precious metals trend is a combination. Silver prices are falling as gold prices are rising. The current price of gold in India is Rs 5,510 per gramme for 22k gold and Rs 6,011 per gramme for 24k gold, commonly known as 999 gold.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,250 | Rs 76,400 |
| MUMBAI | Rs 55,100 | Rs 76,400 |
| KOLKATA | Rs 55,100 | Rs 76,400 |
| CHENNAI | Rs 55,500 | Rs 79,500 |
Know about the rates in International markets
As traders prepared for a highly anticipated rate hike and monetary policy hints from the U.S. Federal Reserve over the next two days, gold prices struggled to find direction in early Asian trading on Tuesday, according to news agency Reuters. The most recent metal report shows that spot gold increased 0.2% to $1,958.20 per ounce by 0119 GMT, while U.S. gold futures decreased 0.1% to $1,959.90.
The dollar index was at a nearly two-week high, which hurt gold because buyers holding other currencies must pay more for metal when the currency is strong. Notably, since they raise the opportunity cost of storing non-yielding metal, rising interest rates have a significant impact on the price of gold.
Gold Rate Update: What’s up on MCX?
One of a number of factors that influence the price of gold and silver in India is the rupee’s exchange rate with the US dollar. Demand fluctuations around the world have a significant impact on changes in precious metal prices. Gold futures with an expiration date of August 4, 2023 were trading at Rs 59,148 per 10 grammes after posting a modest increase of 0.34 percent. Similar to gold, silver futures with a delivery date of September 5, 2023, were trading at Rs 73679 per kg on the MCX, up 0.09 percent.
Multi Commodity Exchange of India is the full form of MCX. It is an autonomous body for commodity exchange in India. It offers to trade in bullion, energy and agricultural commodities apart from non-ferrous metals.
This is an exchange for commodities like the BSE is for stocks and shares. The MCX sells the products in bulk.
The price for the asset depends upon various factors and is not determined at MCX. The MCX Silver rates are set by trading activity and a bunch of different other factors.
Gold Rate Update : Checkout the gold rates on IBJA
IBJA claims that gold is now more expensive than it was yesterday. The cost of gold has increased from Rs. 59737 per 10 kilogrammes to Rs. 59741 for 10 grammes. The cost of silver per kilogramme has grown from Rs. 75241 to Rs. 75426 on the other hand.
How can you know the purity of the gold?
Currently, there is an app available from the government that allows you to check the purity of gold. Using the BIS Care app, customers may determine the purity of gold. Not only can you examine the purity of gold using this app, but you can also complain about it.
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