Gold and silver prices on July 5: Check latest rates in your city today

Gold prices today: In India, gold rates are dependent on numerous factors including currency, global demand, interest rates and government policies.

Published on: Jul 5, 2023, 14:09:58 IST

By HT News Desk

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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.

24K gold is also known as pure gold and has 99.9 per cent purity (Mint file)

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.

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

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