Gold and Silver Prices Decline: Latest Rates in Major Indian Cities
Current Gold and Silver Prices
In a positive turn for gold buyers, the price of gold has decreased, with 24-carat gold recorded at a lower rate on Saturday, May 24. The 22-carat gold, favored by jewelers for its strength, is currently priced at Rs 89,390 for every 10 grams.
As per Good Returns, the cost of 24-carat gold has fallen, now standing at Rs 97,520 for 10 grams. Additionally, silver prices have also dropped, with the current rate at Rs 99,900 per kilogram.
In major cities like Mumbai, Kolkata, Chennai, and Hyderabad, the price for 10 grams of 24-carat gold is uniform at Rs 97,520. In contrast, the price in Delhi is slightly higher at Rs 97,670 for the same quantity.
For 22-carat gold, the price remains consistent across Mumbai, Kolkata, Bengaluru, Chennai, and Hyderabad at Rs 89,390, while in Delhi, it is priced at Rs 89,540.
Silver is being sold at Rs 99,900 per kilogram in Delhi, Mumbai, and Kolkata, while in Chennai and Hyderabad, the price is higher at Rs 1,10,900.
Gold Prices in Key Cities
| City |
Gold Price (22-Carat/10 gm) | Gold Price (24-Carat/10 gm) | Silver Price (Rs/kg) |
| Delhi | Rs 89,540 | Rs 97,670 | Rs 99,900 |
| Noida | Rs 89,540 | Rs 97,670 | Rs 99,900 |
| Lucknow | Rs 89,540 | Rs 97,670 | Rs 99,900 |
| Mumbai | Rs 89,390 | Rs 97,520 | Rs 99,900 |
| Bengaluru | Rs 89,390 | Rs 97,520 | Rs 99,900 |
| Chennai | Rs 89,390 | Rs 97,520 | Rs 1,10,900 |
| Pune | Rs 89,390 | Rs 97,520 | Rs 99,900 |
| Ahmedabad | Rs 89,440 | Rs 97,570 | Rs 99,900 |
| Kolkata | Rs 89,390 | Rs 97,520 | Rs 99,900 |
| Hyderabad | Rs 89,390 | Rs 97,520 | Rs 1,10,900 |
Understanding Gold Price Determination in India
Gold prices in India are not solely determined by local demand and supply. Instead, they are heavily influenced by trading activities in significant global markets, such as the London OTC spot market and the COMEX gold futures market.
Various factors, including global events, political developments, decisions made by central banks, and fluctuations in currency values, also play a crucial role in affecting the prices of this precious metal.
Tips for Checking Gold Purity
To ensure the purity of gold, consider the following methods:
1. Look for a hallmark: A hallmark is a reliable indicator of gold purity. For instance, 22-carat gold, also referred to as 916 gold, will have a hallmark indicating '916' on its surface.
2. Check for the BIS Standard Mark: Jewelry should display a triangle with 'BIS' underneath to confirm its purity.
3. Conduct an acid test: Under proper guidance, an acid test can be performed using nitric acid to verify gold purity.
4. Color test: Genuine gold maintains its yellow hue and does not tarnish.