As December unfolds and the year 2023 draws to a close, those eyeing gold investments or planning to purchase gold and silver have some important updates.
In Bhopal, the capital of Madhya Pradesh, the current price for 22-carat gold is Rs 58,580 per 10 grams, while 24-carat gold is priced at Rs 61,510 per 10 grams.
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Price Changes in Bhopal
- 22 Carat Gold: Yesterday – Rs 58,430; Today – Rs 58,580 (per 10 grams)
- 24 Carat Gold: Yesterday – Rs 61,350; Today – Rs 61,510 (per 10 grams)
Gold Price in Hyderabad
Good news for gold buyers in Hyderabad as prices have sharply fallen for the second consecutive day. This decrease comes after a sustained period of record-high gold prices, prompting increased interest from buyers.
Stable Silver Prices in Bhopal
According to bankbazaar.com, the silver rate remains steady at Rs 80,000 per kg in Bhopal.
Reasons Behind the Decline
Recent drops in international gold prices, coupled with the US Federal Reserve maintaining high interest rates, have contributed to the decline. As interest rates rise, the value of gold tends to decrease. The duration of this trend remains uncertain, and future interest rate hikes may impact gold prices further.
International Market Update
The international spot gold price is currently $2028 per ounce, and spot silver is trading at $23.88 per ounce. The exchange rate for the rupee against the dollar stands at Rs. 83.368.
Domestic Market Impact
Domestically, gold prices have seen a significant drop in the past two days. In Hyderabad, the 22-carat gold rate is now Rs. 57,450 (a decrease of Rs. 400), while the 24-carat gold rate is Rs. 62,670 (a decrease of Rs. 440).
A similar trend is observed in Delhi, where the 22-carat gold rate is Rs. 57,600 (a decrease of Rs. 400), and the 24-carat gold rate is Rs. 62,820 (a decrease of Rs. 440).
Identifying Gold Purity: To ascertain the purity of gold, look for hallmarks. For instance, 24-carat gold is marked as 999, 23-carat as 958, 22-carat as 916, 21-carat as 875, and 18-carat as 750. Most gold is sold in 22-carat, with 24-carat being the purest.
Understanding 22 and 24-carat gold: 24-carat gold is 99.9% pure, while 22-carat gold is approximately 91% pure. Jewelry made from 22-carat gold typically contains 9% other metals like copper, silver, and zinc. Although 24-carat gold is the purest, it’s not used for jewelry making, with 22-carat gold being the standard.
Silver Rates
Silver rates have also witnessed a decline, with Delhi’s rate dropping by Rs. 300 to Rs. 78,200 and Hyderabad’s rate falling by Rs. 400 to Rs. 81,000.
These consecutive drops in gold and silver prices have brought relief to buyers and investors alike, making the current market a favorable one for those looking to make purchases or investments in precious metals.
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