Gold and silver prices on May 2: Check latest rates in your city today
Gold prices in India remained unchanged on Tuesday. As per Goodreturns website, one gram of 22K gold costs ₹5,570. On the other hand, one gram of 24K gold costs ₹6,076.
K or karats is a term used to measure the purity of gold. In simple words, 24K gold is also called pure gold and has 99.9 per cent purity. It does not contain traces of other metals. On the other hand, 22K gold comprises 22 parts of gold mixed with two parts of other metals like copper and zinc.
Here are the prices of 22K and 24K gold in various cities on May 2, 2023.
| CITY | 22K GOLD PRICE (Rs/10 GM) | 24K GOLD PRICE (Rs/10 GM) |
|---|---|---|
| DELHI | 55,850 | 60,910 |
| MUMBAI | 55,700 | 60,760 |
| KOLKATA | 55,700 | 60,760 |
| BENGALURU | 55,750 | 60,810 |
| CHENNAI | 56,150 | 61,250 |
Gold prices in India are dependent on several factors including currency, global demand, interest rates and government policies. If the rupee slides against the US dollar in India, gold will become expensive.
Silver
The price of silver remained almost unchanged in major cities of the country. According to Goodreturns website, one gram of silver costs ₹76.10.
In India, the price of silver is determined by factors like gold rates, industrial demand, bulk purchases, inflation etc.
In Delhi, Mumbai and Kolkata, 10 gms of silver cost ₹761. On the other hand, the price of 10 gms of silver stands at ₹805.
If the price of gold increases, the silver price will also increase. The industrial firms use silver for production of various commodities like jewellery, coins, medals etc.
