Gold and silver prices have been experiencing significant fluctuations, with a consistent upward trend. As of today, 22-carat gold has reached ₹84,500 per 10 grams, marking an increase of ₹1,100, while silver prices have surged by ₹850 to ₹95,000 per kg. In July 2024, the Finance Minister reduced the import duty on gold from 15% to 6%, a historic move that significantly impacted the gold and silver market. 22-carat gold, which is 91.6% pure, is primarily used for making jewelry.
On Friday, 24-carat gold was priced at ₹82,086 per 10 grams, up from its previous close of ₹81,303. Similarly, silver prices rose to ₹93,533 per kg, compared to ₹92,184 per kg. As today is Sunday, the market remains closed, meaning the prices will stay unchanged.
Gold Price Updates
| City | 22-Carat Gold (₹/10g) | 24-Carat Gold (₹/10g) | Silver (₹/kg) |
|---|---|---|---|
| Delhi | 77,450 | 84,480 | 95,000 |
| Mumbai | 77,300 | 84,330 | 95,000 |
| Chennai | 77,300 | 84,330 | 95,000 |
| Kolkata | 77,300 | 84,330 | 95,000 |
| Jaipur | 77,450 | 84,480 | 95,000 |
Note: Prices are subject to change based on market fluctuations.
Factors Influencing Gold and Silver Prices
Several factors contribute to the rise and fall of gold and silver prices:
- Global Economic Conditions – Economic uncertainties push investors toward precious metals as safe-haven assets.
- Import Duties – A reduction in gold and silver import duties significantly impacts prices.
- Market Demand – Demand during festive seasons and weddings leads to higher prices.
- Inflation and Interest Rates – Inflation and central bank policies influence the value of gold and silver.
- Exchange Rate Fluctuations – A strong or weak Indian Rupee affects gold and silver prices.
Understanding Gold Purity and Hallmarking
Gold purity is measured in carats (K), with 24-carat being the purest form. However, pure gold is soft, so it is mixed with other metals like copper and silver for durability.
Gold Hallmarking System
Hallmarking ensures authenticity and purity in gold jewelry. The Bureau of Indian Standards (BIS) mandates that all gold jewelry bear a 6-digit Hallmark Unique Identification (HUID) number.
How to Check Gold Hallmarks?
To verify the authenticity of gold jewelry, look for the following:
- BIS Logo – Confirms certification by the Bureau of Indian Standards.
- Purity Mark – Indicates gold caratage:
- 24K – 999
- 22K – 916
- 18K – 750
- HUID Number – A unique 6-digit alphanumeric code assigned to each piece of jewelry.
Consumers can verify these details through the BIS Care mobile app or at authorized jewelry stores.
How to Invest in Gold and Silver?
Investing in gold and silver can be a profitable option. Here are some popular ways to invest:
1. Physical Gold and Silver
- Gold Jewelry – Traditional and widely preferred investment.
- Gold/Silver Coins and Bars – Purchased for investment and gifting.
2. Digital Gold
- Gold ETFs (Exchange-Traded Funds) – Allows investors to buy and trade gold without physical storage.
- Sovereign Gold Bonds (SGBs) – Issued by the RBI, offering interest along with gold price appreciation.
3. Silver Investment Options
- Silver Bullion – Coins, bars, and jewelry.
- Silver ETFs – Investing in silver through stock exchanges.
Frequently Asked Questions (FAQs)
1. Why are gold and silver prices increasing?
Prices fluctuate due to global economic conditions, inflation, and changes in import duties.
2. How can I ensure the purity of gold jewelry?
Look for the BIS hallmark, purity mark, and HUID number to confirm authenticity.
3. What is the significance of the HUID number?
The HUID number ensures traceability and authenticity of each gold jewelry piece.
4. How often do gold and silver prices change?
Prices fluctuate daily, based on market conditions, international rates, and economic policies.
5. Where can I check the latest gold and silver prices?
Prices are available through financial news platforms, local jewelers, and commodity exchange websites.
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