Gold and silver prices on May 3: Check latest rates in your city

The term ‘K’ or karats is used to determine the purity of gold. A 24K gold is called pure gold with a purity of 99.9 per cent purity.

Updated on: May 3, 2023, 12:28:19 IST

By HT News Desk

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Gold prices on Wednesday rose by ₹80 per gram, a data by Goodreturns website stated. According to the website, one gram of 22K gold costs ₹5,650. On the other hand, the price of 24K of gold increased by ₹88 to ₹6,164.

If you are confused about what 22K and 24K gold mean, let us explain. The term ‘K’ or karats is used to determine the purity of gold. A 24K gold is called pure gold with a purity of 99.9 per cent purity. It does not contain other traces of metals.

In India, gold rates are dependent on factors including government policies, currency, interest rates and global demand

A 22K gold comprises 22 parts of gold mixed with two parts of other metals like copper and zinc. It is harder than 24K gold due to presence of other metals. It is suited for making jewellery.

Here are the gold prices for top 5 Indian cities on May 3, 2023.

CITY	22K GOLD PRICE (Rs/10 GM)	24K GOLD PRICE (Rs/10 GM)
DELHI	56,650	61,790
MUMBAI	56,500	61,640
KOLKATA	56,500	61,640
CHENNAI	57,060	62,240
BENGALURU	56,550	61,690

In India, gold rates are dependent on factors including government policies, currency, interest rates and global demand. In case, the value of rupee depreciates against US dollar, the gold will become expensive.

If the demand for gold is not robust, the prices 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. The opposite happens when the interest rates drop.

Silver

The price of silver increased by 70 paise on Wednesday according to Goodreturns website. As per the website, one gram of silver costs ₹76.80. The price of 10 gms of silver in Delhi, Mumbai and Kolkata stood at ₹768. On the other hand, the price of 10 gms of silver in Bengaluru and Chennai stood at ₹818.

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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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