Gold and silver prices on August 12: Check latest rates in your city today

Gold is a preferred mode of investment and traded in coins, bars, bullions and jewellery

Published on: Aug 12, 2023, 10:27:05 IST

By HT News Desk

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Gold prices decreased by ₹15 per gram on Saturday. According to website Goodreturns, one gram of 22 carat gold was priced at ₹5,455 while a 24 carat gold cost ₹5,951 per gram.

If you are confused about the term ‘carat’, let us clear it for you. The term ‘carat’ or ‘K’ is used to measure the purity of gold. A 24K gold is called pure gold and contains 99.9 per cent purity. It is in liquid form and does not contain traces of other metals. On the other hand, 22K gold contains traces of other metals like copper and zinc. It is used to make jewellery.

Here are the gold prices for major Indian cities on August 12, 2023.

The term ‘carat’ or ‘K’ is used to measure the purity of gold

CITY	22K GOLD PRICE (Rs/10 GMS)	24K GOLD PRICE (Rs/10 GMS)
DELHI	54,700	55,660
MUMBAI	54,550	59,510
KOLKATA	54,550	59,510
CHENNAI	54,850	59,840
BENGALURU	54,550	59,510

Factors affecting gold prices

There are numerous factors affecting gold prices in India. If the Indian rupee slides against US dollar, the gold rates will surge. Another important is the demand for this metal. If the demand is not high, the prices will fall. The other factors are global economic growth, dollar strength against other currencies.

Gold is a preferred mode of investment and traded in coins, bars, bullions and jewellery. The Bureau of Indian Standards (BIS) is a national body entrusted with the harmonious development of the activities of standardisation, marking and quality certification of goods. It has a hallmarking system for gold and silver in India.

Silver prices

Silver prices remained unchanged on Saturday. According to website Goodreturns, one gram of silver cost ₹73. In Delhi, Mumbai, Bengaluru and Kolkata, ten grams of silver cost ₹730. On the other hand, silver in Chennai was priced at ₹762 per ten grams.

In India, the price of silver is determined by factors like gold rates, industrial demand, bulk purchases, inflation etc. If the price of gold increases, the silver price will also increase.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More