Gold and Silver Prices Decline: Latest Rates in Major Indian Cities
Current Gold and Silver Prices
Buyers of gold will be pleased to hear that prices have decreased, with 24-carat gold experiencing a drop on Monday, May 19. The 22-carat gold, favored by jewelers for its strength, is currently priced at Rs 87,190 for every 10 grams.
As per Good Returns, the cost of 24-carat gold has fallen, now standing at Rs 95,120 for 10 grams. Silver prices have also decreased, with the current rate at Rs 96,900 per kilogram.
In Mumbai, the price for 10 grams of 24-carat gold matches that of Kolkata, Chennai, and Hyderabad at Rs 95,120. In contrast, Delhi's rate for the same quantity is slightly higher at Rs 95,270.
For 22-carat gold, the price in Mumbai is Rs 87,190, consistent with rates in Kolkata, Bengaluru, Chennai, and Hyderabad. In Delhi, the price is Rs 87,340 for 10 grams.
Silver is priced at Rs 96,900 per kilogram in Delhi, Mumbai, and Kolkata, while in Chennai and Hyderabad, it is higher at Rs 1,07,900.
Gold Prices in Major Cities
| City |
Gold Price (22-Carat/10 gm) | Gold Price (24-Carat/10 gm) | Silver Price (Rs/kg) |
| Delhi | Rs 87,340 | Rs 95,270 | Rs 96,900 |
| Noida | Rs 87,340 | Rs 95,270 | Rs 96,900 |
| Lucknow | Rs 87,340 | Rs 95,270 | Rs 96,900 |
| Mumbai | Rs 87,190 | Rs 95,120 | Rs 96,900 |
| Bengaluru | Rs 87,190 | Rs 95,120 | Rs 96,900 |
| Chennai | Rs 87,190 | Rs 95,120 | Rs 1,07,900 |
| Pune | Rs 87,190 | Rs 95,120 | Rs 96,900 |
| Ahmedabad | Rs 87,240 | Rs 95,170 | Rs 96,900 |
| Kolkata | Rs 87,190 | Rs 95,120 | Rs 96,900 |
| Hyderabad | Rs 87,190 | Rs 95,120 | Rs 1,07,900 |
Factors Influencing Gold Prices in India
Gold prices in India are not merely dictated by local demand and supply. They are heavily influenced by trading activities in significant global markets, such as the London OTC spot market and the COMEX gold futures market.
Additionally, various factors including global events, political developments, decisions made by central banks, and fluctuations in currency values can also impact the pricing of this precious metal.
How to Verify Gold Purity
Here are some methods to check the purity of gold:
1. Look for a hallmark: The hallmark is a reliable indicator. 22-carat gold, also referred to as 916 gold, will have a hallmark stamp indicating 916.
2. Check for the BIS Standard Mark: Jewelry should display a triangle with the letters 'BIS' underneath to confirm its purity.
3. Perform an acid test: Under proper guidance, an acid test can be conducted using nitric acid to assess purity.
4. Color test: Genuine gold maintains its yellow hue and does not tarnish.