Gold Price On February 24: Good News! Rates Drop – Check latest Prices Here
Gold Prices: Gold buyers have a reason to celebrate as the price of the yellow metal witnessed a decline on Monday, February 24. The price of 24-carat gold dropped to Rs 87,760 per 10 grams, while 22-carat gold, the preferred choice for jewelers due to its durability, was priced at Rs 80,440 for the same quantity, according to Good Returns.
Silver prices also recorded a fall, currently standing at Rs 1,00,400 per kilogram.
Gold Prices in Major Indian Cities
The gold rates across different cities in India are as follows:
| City | Gold Price (22-Carat/10 gm) | Gold Price (24-Carat/10 gm) | Silver Price (Rs/kg) |
|---|---|---|---|
| Delhi | Rs 80,590 | Rs 87,910 | Rs 1,00,400 |
| Noida | Rs 80,590 | Rs 87,910 | Rs 1,00,400 |
| Lucknow | Rs 80,590 | Rs 87,910 | Rs 1,00,400 |
| Mumbai | Rs 80,440 | Rs 87,760 | Rs 1,00,400 |
| Bengaluru | Rs 80,440 | Rs 87,760 | Rs 1,00,400 |
| Chennai | Rs 80,440 | Rs 87,760 | Rs 1,06,900 |
| Pune | Rs 80,440 | Rs 87,760 | Rs 1,00,400 |
| Ahmedabad | Rs 80,490 | Rs 87,810 | Rs 1,00,400 |
| Kolkata | Rs 80,440 | Rs 87,760 | Rs 1,00,400 |
| Hyderabad | Rs 80,440 | Rs 87,760 | Rs 1,06,900 |
(Source: Good Returns)
How Are Gold Prices Determined in India?
Many assume that gold prices in India depend solely on physical demand and supply. However, the reality is that global trading activities play a crucial role. The gold rates are largely influenced by major international markets, including the London OTC spot market and the COMEX gold futures market.
In addition to trading activities, other factors impacting gold prices include:
- Global events and economic shifts
- Political uncertainties
- Central bank policies and decisions
- Currency fluctuations
Ways to Check Gold Purity
Ensuring gold purity is essential while making a purchase. Here are some simple ways to check the authenticity of gold:
- Look for a Hallmark: Genuine gold jewelry will have a hallmark indicating purity. 22-carat gold, also known as 916 gold, will have a 916 stamp.
- BIS Standard Mark: The Bureau of Indian Standards (BIS) certifies gold jewelry. Look for a triangle with the letters “BIS” underneath it to confirm authenticity.
- Acid Test: Under expert supervision, an acid test can be conducted using nitric acid to verify the purity of gold.
- Color Test: Gold remains yellow and untarnished. If discoloration occurs, the metal might not be pure.
Conclusion
With gold prices witnessing a decline, this could be a favorable time for buyers to make their purchases. However, before investing, always ensure the purity of gold by checking for hallmarks and other authenticity markers. The global market trends and economic factors will continue to influence gold rates in the coming days, making it essential for buyers to stay updated with the latest price movements.
India stands as the world’s second-largest consumer of gold, trailing only China. A significant portion of the country’s gold demand is met through imports, while locally recycled gold also contributes to the supply. Domestic gold prices are influenced by various factors, including global gold rates (denominated in dollars), import duties, and taxes. While gold is typically seen as a hedge against inflation, its pricing is also affected by bond yields and the strength of the US dollar.