Gold and Silver Prices in India Today - Latest Updates

Gold and Silver Prices in India Today

In today's article, we will provide you with a comprehensive overview of the latest gold and silver prices in India. Staying updated with the current rates of these precious metals is essential for investors and individuals interested in purchasing them. Let's dive into the details and explore the prices of gold and silver as of July 5, 2023.


Gold and Silver Prices in India Today - Latest Updates





Gold Prices in India

The current gold rate in India is ₹58,640.00 per 10 grams, representing a marginal increase of ₹10.00 or 0.020% compared to the previous value [^2^]. To understand the variations in gold prices more comprehensively, let's examine the rates for different karats:


KaratPrice per Gram (Rs ₹)Price for 10 Grams (Rs ₹)Price for 100 Grams (Rs ₹)Price for 1 Kilogram (Rs ₹)Price for 1 Ounce (Rs ₹)Price for 1 Tola (Rs ₹)
24₹5,864₹58,640₹5,864,000₹5,864,000₹166,242₹68,397
22₹5,375₹53,753₹537,533₹5,375,333₹152,388₹62,697
20₹4,887₹48,867₹488,667₹4,886,667₹138,535₹56,997
18₹4,398₹43,980₹439,800₹4,398,000₹124,681₹51,297
16₹3,909₹39,093₹390,933₹3,909,333₹110,828₹45,598
14₹3,421₹34,207₹342,067₹3,420,667₹96,974₹39,898
12₹2,932₹29,320₹293,200₹2,932,000₹83,121₹34,198
10₹2,443-----

Please note that the prices for 10 grams, 100 grams, 1 kilogram, 1 ounce, and 1 tola are calculated based on the price per gram. The prices for 10 grams, 100 grams, 1 kilogram, 1 ounce, and 1 tola are not available for 10 karat gold as indicated by the dash (-)


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Silver Prices in India

Turning our attention to silver, the current silver rate in India stands at ₹76.50 per gram, showing a slight decrease of ₹0.10 or 0.13% compared to the previous value 1. Here are the rates for different quantities of silver:

WeightPrice (in INR)
100 grams₹7,650
1 kilogram₹76,500
1 ounce₹2,385
1 tola₹981


Factors Affecting Gold and Silver Prices

Several factors influence the prices of gold and silver in India. Here are some key factors to consider:


Global Demand and Supply:

Gold and silver are globally traded commodities, and their prices are affected by fluctuations in demand and supply. Any changes in global economic conditions, geopolitical events, or central bank policies can impact the demand and supply dynamics of these precious metals.


Currency Exchange Rates: 

The exchange rate between the Indian Rupee (INR) and major international currencies, such as the US Dollar (USD), also plays a significant role in determining gold and silver prices in India. A stronger INR against the USD generally leads to lower gold and silver prices and vice versa.


Inflation and Interest Rates: 

Gold and silver are often considered as hedges against inflation. When inflation is high, investors tend to turn to these precious metals as a store of value. Additionally, the prevailing interest rates in the economy can influence the opportunity cost of holding gold and silver. Lower interest rates make it more attractive to invest in non-interest-bearing assets like gold and silver.


Market Speculation and Investor Sentiment: 

Market sentiment and speculations can have a short-term impact on gold and silver prices. Factors such as investor confidence, market volatility, and trading activity in the commodity markets can cause price fluctuations.


Government Policies and Regulations: 

Government policies related to taxes, import duties, and restrictions on gold and silver imports can affect their prices in the domestic market. Changes in regulations or announcements of new policies can have an immediate impact on prices.


It's important to note that gold and silver prices are subject to daily fluctuations and can vary across different cities and jewellers in India. Individuals interested in purchasing these metals should consult reliable sources or reach out to local jewellers to get the most accurate and up-to-date prices.


Conclusion

In conclusion, as of July 5, 2023, the gold price in India is ₹58,640.00 per 10 grams, while the silver price stands at ₹76.50 per gram. These prices are influenced by various factors such as global demand and supply, currency exchange rates, inflation and interest rates, market speculation, and government policies. Stay informed about these factors and consult reliable sources for the latest prices before making any investment or purchase decisions related to gold and silver.


Please note that the prices mentioned in this article are for illustrative purposes and may not reflect the actual prices at the time of reading. Prices are subject to change based on market conditions.