Gold prices held steady on the final day of 2023, with 24K and 22K gold costing ₹5,855 and ₹6,387 respectively for one gram, according to Goodreturns. In Delhi, the price of 10 grams of 22K gold was ₹58,700, while 24K gold cost ₹63,970. Gold prices in the national capital are influenced by a variety of factors including market price, production costs, supply and demand, economic conditions, and currency values.
In Mumbai, 10 grams of 24K gold were priced at ₹63,870, mirroring the prices in Kolkata. The purity of gold is measured in carats, with 24K gold considered to be pure and free from other metals, while 22K gold is commonly used for jewelry and contains traces of copper and zinc.
Gold prices in India are affected by domestic factors such as currency value, demand, interest rates, and government policies. International factors, including global economic growth and the strength of the US dollar, also impact gold prices. Demand for gold plays a pivotal role in determining its price, with weak demand leading to price decreases.
Silver prices saw a 30 paise increase on the last day of 2023, with one gram costing ₹78.60. The availability of silver in the market is high due to its strong demand. The prices of silver in major Indian cities on December 31, 2023, varied.
The price of silver in India is influenced by factors such as gold rates, industrial demand, bulk purchases, and inflation. Additional insight suggests that silver, often considered a more affordable alternative to gold, is also used in various industrial applications, such as in electronics and solar panels. Therefore, these industrial factors can also contribute to the fluctuation in silver prices.
