Gold prices decreased by ₹25 on Thursday. According to the website Goodreturns, one gram of 22K gold was priced at ₹5,450 while the price of 24K gold stood at ₹5,945 per gram.

‘K’ or carat is a term used to define the purity of gold. A 24K gold is called pure gold as it has a purity of 99.9 per cent. It is in liquid form and does not contain traces of other metals. On the other hand, a 22K gold contains traces of other metals like copper and zinc.

Here are gold prices for major Indian cities on September 28, 2023.

Gold is usually traded in form of coins, bars or jewellery. It is a preferred mode of investment and acts as a perfect hedge against inflation. Gold prices in India are decided on several factors including currency, global demand, interest rates and government policies. If the rupee depreciates against the US dollar in India, gold will become expensive.

The price of gold is also dependent on international factors like global economic growth, dollar strength against other currencies etc. Another important factor is the demand for the precious metal. If the demand for gold is not robust, the prices will fall. Another key factor affecting gold price is the interest rate. For example, gold prices fall when the interest rates in countries like US surge.

Silver prices

Silver is considered cheaper than gold. For example, if one gramme of silver ₹61.40 today, you can buy 1 kg of the precious metal for ₹61,400. But you will get a little over 10 gms of gold at this price depending on exchange rate.

According to the website Goodreturns, silver prices remained unchanged at ₹74.20 per gram. In Delhi, Mumbai and Kolkata, the price of 10 grams of silver stood at ₹742. In Chennai and Bengaluru, silver prices stood at ₹770 and ₹730 per 10 grams respectively.

“Exciting news! Hindustan Times is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!” Click here!