Gold and silver prices on July 5: Check latest rates in your city today
Gold price remained unchanged in major cities on July 5. According to Goodreturns website, one gram of 22k gold costs ₹5,415 while 24K gold is priced at ₹5,906 per 10 gm.
If you are unaware what K stands for, it is a term used to measure the purity of gold. To define it, 24K gold is also known as pure gold and has 99.9 per cent purity. In contrast, 22k gold is made of 22 parts of gold which is mixed with other metals.
Here are the gold prices in major Indian cities on July 5.
| CITY | 22K GOLD PRICE (Rs/10 GMS) | 24K GOLD PRICE (Rs/10 GMS) |
| DELHI | 54,300 | 59,220 |
| MUMBAI | 54,150 | 59,060 |
| KOLKATA | 54,150 | 59,060 |
| CHENNAI | 54,600 | 59,560 |
| BENGALURU | 54,150 | 59,060 |
Q.How are gold prices determined in India?
In India, gold rates are dependent on numerous factors including currency, global demand, interest rates and government policies. If the Indian currency depreciates against the US dollar, gold will be more expensive.
If the demand for gold is not high, the price will fall. Another important factor affecting gold price is the interest rate. For example, gold prices fall when the interest rates in countries like US surge.
Silver price
Silver rate in India increased by 50 paise on Wednesday, Goodreturns data stated. According to the website, one gram of silver costs ₹72.20. Here are the silver prices in major Indian cities on July 5.
| CITY | SILVER PRICE (Rs/10 GM) |
| DELHI | 722 |
| MUMBAI | 722 |
| KOLKATA | 722 |
| CHENNAI | 758 |
| BENGALURU | 717.50 |
How are silver prices determined in India?
The silver rates are dependent on factors like gold rates, bulk purchases, industrial demands and inflation among others. If the price of gold increases, the rate of silver will also go up. The industrial firms use silver for production of various commodities like jewellery, coins, medals etc.
