MCX Gold, Silver Rate Feb 2 highlights: Check rates in Delhi, Mumbai and Bengaluru before you buy or sell

Gold, silver rate LIVE updates: Here's are few pointers:

• Gold is a precious metal and is considered an attractive investment option. The gold prices in India fluctuate as per the market situation and are keenly monitored during the time of trading.
• There are two types of gold traded in India, i.e, 24K and 22K. The first one is considered the purest form of gold with a purity of 99.99 per cent.
• It is too soft to be moulded into jewellery. On the other hand, 22k gold is basically 22 parts of gold and two other metals, like copper and zinc. It is used to make jewellery.
• India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.

• Silver is considered cheaper than gold. For example, if one gramme of silver ₹61.40 today, you can buy 1 kg of the precious metal for ₹61,400. But you will get a little over 10 gms of gold at this price depending on exchange rate.
• Silver is always in higher demand than gold among the jewellers and industrial firms. This is because its usage is not just limited to jewellery items. It is also used by industrial and commercial firms to manufacture certain products.
• Since it is in high demand, the availability of this metal is diminishing. If you have invested in silver now, there are high chances that you will benefit financially if the prices skyrocket.
• In India, the price of silver is determined by various factors, including gold rates. If the gold prices go up, the rates of silver will also increase. Besides this, it is also easier to influence silver prices through large purchases

Gold, silver rate LIVE updates: Gold prices in Gurugram fell to ₹160,840 on Monday.

Gold, silver rate today LIVE updates: The gold prices have decreased in Chennai to ₹162660 (10g of 24k gold).

Gold, silver rate today LIVE updates: Gold is considered as a safe and reliable mode of investment. It acts as an excellent hedge against inflation. It is also an excellent portfolio diversifier

Gold, silver rate today LIVE updates: The Bureau of Indian Standards (BIS) is a national body entrusted with the harmonious development of the activities of standardization, marking and quality certification of goods. It has a hallmarking system for gold and silver in India.

Gold, silver rate today LIVE updates: The purity grade of fine silver is either 999.9, 999.5 or just 999. For silver alloys, jewellery and artefacts, the purity grade is 970, 925, 900, 835, 800v.

Gold, silver rate today LIVE updates: It is the official marking of precious metals by the Bureau of Indian Standards. It is the guarantee of a metal's fineness or purity.Its main objective is to protect the buyer from adulteration and also obligate the manufacturers to ensure legal standards of fineness.

Gold, silver rate today LIVE updates: 24 karat of gold is called pure gold with a purity of 99.99 per cent. It is liquid in the state and cannot be moulded to make bars, jewellery etc. As a result, it is mixed with other metals like copper and zinc to form an alloy. For example, 22K gold is a mix of 22 parts of gold.

Gold, silver rate today LIVE updates: Gold prices in India are determined on several factors including currency, global demand, interest rates and government policies. If the rupee slides against the US dollar in India, gold will become expensive.

Gold, silver rate today LIVE updates: 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. The industrial firms use silver for production of various commodities like jewellery, coins, medals etc. Also, it is easier to influence the silver market through large trades and purchases.

Gold, silver rate today LIVE updates: There are several reasons to invest in silver. Being a precious metal, it is always in demand in the jewellery markets in India. Since there is a huge demand for silver, the availabily of the metal is dropping. In future, the prices will rise resulting in profit for the investors who put their money into the metal now. Another important fact is that silver is cheaper than gold.

Gold, silver rate today LIVE updates: The gold prices in Bengaluru on Monday are ₹160,690 per 10 grams for 24-carat gold. For 22-carat gold, the rate is ₹147,310 per 10 grams.

Gold prices in Delhi today are ₹160,860 per 10 grams for 24-carat gold. For 22-carat gold, the rate is ₹147,480 per 10 grams.