Gold and Silver Price Fluctuations Continue: Today's Prices and Essential Tips on 22 Carat Gold Purity and Hallmark Verification.
Gold and Silver Prices: Gold and silver prices saw a slight decrease at the beginning of the month. A minor reduction in prices was observed on Friday, and prices remained unchanged on Saturday due to the market closure.
According to the India Bullion and Jewellers Association (IBJA), the price of 24 karat (999) gold is ₹85,056 per 10 grams, while 23 karat (995) gold is priced at ₹84,715 per 10 grams. 22 karat (916) gold is priced at ₹77,911 per 10 grams. 18 karat (750) gold costs ₹63,792 per 10 grams, and 14 karat (585) gold is priced at ₹49,758 per 10 grams. For silver, 24 karat (999) silver is priced at ₹93,480 per kilogram.
Slight Fluctuations in Gold Prices Across Cities
Minor variations in gold prices have been observed across major cities in the country. Chennai, Mumbai, Delhi, Kolkata, Ahmedabad, Jaipur, Patna, Lucknow, Ghaziabad, Noida, Ayodhya, Gurugram, and Chandigarh saw slight fluctuations in the prices of 22 karat and 24 karat gold. However, no significant price changes were reported.
What is Gold Hallmark and How to Verify It?
A hallmark is crucial for determining the purity of gold. Generally, 22 karat gold, with a purity of 91.6%, is used in jewelry. However, sometimes, gold with 89% or 90% purity is sold as 22 karat after adulteration. Hallmarking ensures purity and helps consumers purchase authentic gold. According to hallmarking standards, gold marked 375 is 37.5% pure, 585 is 58.5% pure, 750 is 75% pure, 916 is 91.6% pure, 990 is 99% pure, and 999 is 99.9% pure.
Gold Futures Price Drops by ₹446
On Friday, a decrease of ₹446 was observed in gold futures prices on the Multi Commodity Exchange (MCX). The price of April delivery gold was ₹84,750 per 10 grams. A downward trend was also observed in the global market, putting pressure on domestic gold prices. In New York, the price of gold reached $2,875.40 per ounce, reflecting a 0.71% decrease.
Silver Prices Also Decline
A decline was also seen in the silver futures market. The price of March delivery silver on the MCX decreased by ₹333 to ₹93,302 per kilogram. Traders increased sales at the current level, leading to the price drop. In New York, the price of silver was $31.76 per ounce, indicating a 1.11% decrease.
How to Check Gold Hallmark?
Hallmarking assists consumers in purchasing genuine gold. Different hallmark markings exist for different carat gold, indicating purity. 24 karat gold is marked 999, 23 karat is marked 958, 22 karat is marked 916, 21 karat is marked 875, and 18 karat is marked 750. Checking these markings is essential for buying authentic gold.
