Gold Rate Update: Prices of yellow metal slip, silver moves up; check current rates in your city

Gold Rate Update: The current price of gold in India is Rs 5,680 per gram for 22 karat gold and Rs 6,196 per gram for 24 karat gold. There are numerous elements that influence gold prices in India. The first are international influences, which are heavily influenced by a variety of other elements. These include the precious metal’s demand and supply. Demand comes from locations like the Gold Exchange Traded Funds, as well as the country’s central banks. On the supply side, if more discoveries are made and more mining is done, the metal will face additional selling pressure. This brings us to the normal international considerations that influence prices.

Price of gold in some major cities

Check Gold Rate Update On MCX

The rupee’s value relative to the dollar is one of many factors influencing the price of gold and silver in India. The price variations of precious metals are also highly impacted by worldwide demand. Gold futures with a maturity date of December 5, 2023 were trading at Rs 60938 per 10 grams on the MCX, down 0.02 percent. Similarly, the price of silver futures, which mature on December 5, 2023, fell by 0.14% and was trading on the MCX at Rs 71679 per kg.

Checking the purity of gold by magnet

In India, there are numerous methods for determining the purity of gold. The magnetic method is one of the most used ways to check gold. This is significantly more convenient than other methods, such as acid. Consider how you would transport acid for an acid test. The magnet is significantly more convenient because you can easily carry a small bit in your pocket. The beauty of this technique is that it is also quite simple to comprehend. The simple rationale is that if gold is mixed with another metal, it will be drawn to the magnet.

Disclaimer: (This information is provided solely for informational purposes. It is important to note that investing in the market or a business idea involves market risks. Before investing money as an investor/ owner/ partner, always consult an expert. DNP News Network Private Limited never advises to invest money on stocks or any specific business idea. We will not be liable for any financial losses.)

Also Read: Gold Rate Today: Price of yellow metal rises to the seventh heaven while silver halts. These are the prices from Delhi to Bangalore

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