The price of 24 carat gold also witnessed a decline on Tuesday. One gram of 24-carat gold is priced at ₹6,043 while eight grams and 10 grams are priced at ₹48,344 and ₹60,430 respectively. The price of 100 grams of 24-carat gold is ₹6,04,300.

Meanwhile, silver prices in India also recorded a marginal drop on Tuesday. A gram of silver is now costing at ₹76.30 compared to ₹76.60 on Monday. Similarly, price of eight grams of silver stood at ₹610.40, with a decrease of ₹2.40. 10 grams of silver is available at ₹763 while one kg of silver will cost ₹76,300, with a drop of ₹300 from yesterday’ price, Goodreturns said.

In India, the prices of gold are based on factors including global demand, currency, interest rates and government policies. It is also dependent on international factors like global economic growth, dollar strength against other currencies etc.

The term ‘carat’ is used to measure the purity of gold. A 24K gold is also called pure gold and has 99.9 per cent purity. While, 22K gold comprises 22 parts of gold mixed with two parts of other metals like copper and zinc.

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