“Gold and silver rates for today

Today gold price 2 August 2023:
Today gold price 2 August 2023:

, August 2nd, 2023: Gold and silver prices go through daily fluctuations. In this regard, our platform Dailynews24 strives to offer you extensive details about gold and silver. Presently, we are presenting comprehensive insights, particularly concerning gold and silver. In India, the cost of 22k gold stands at 5,540 rupees per gram, whereas for 24k gold, also referred to as 999 gold, the cost is 6,044 rupees per gram.”

“Gold and silver rates for today,

August 2nd, 2023: Gold and silver prices go through daily fluctuations. In this regard, our platform Dailynews24 strives to offer you extensive details about gold and silver. Presently, we are presenting comprehensive insights, particularly concerning gold and silver. In India, the cost of 22k gold stands at 5,540 rupees per gram, whereas for 24k gold, also referred to as 999 gold, the cost is 6,044 rupees per gram.”
“Purity of Gold:
24 carat – 99.9%
23 carat – 95.6%
22 carat – 91.6%
21 carat – 87.5%
18 carat – 75.0%
17 carat – 70.8%
14 carat – 58.5%
10 carat – 41.7%
9 carat – 37.5%
8 carat – 33.3%”

“It’s crucial to understand that gold becomes stronger as its carat value decreases. Prior to buying any metal, it’s advisable to consistently monitor the prevailing gold prices in the nation.”

Today gold price 2 August 2023:
Today gold price 2 August 2023:

On IBJA, Gold-Silver Rates

According to the Indian Bullion Jewelers Association (IBJA) website, today, yellow metal is trading at a higher price of 23 rupees per ten grams, reaching 59,352 rupees per ten grams. Whereas on the previous trading day, Thursday, gold closed at 59,329 rupees per ten grams, witnessing an increase from the earlier price of 543 rupees.

Similarly, along with gold, the price of silver also shows an uptrend today. Silver is currently trading at a price of 1,361 rupees per kilogram, marking an increase from the previous rate of 2,815 rupees on Thursday. The current trading price for silver stands at 73,592 rupees per kilogram.

Gold and Silver Rates on MCX Similar to the Indian Bullion Jewelers Association (IBJA), Multi Commodity Exchange (MCX) is also witnessing a decline in the trading of gold and silver today. On MCX, gold is trading at a lower price of 13 rupees, reaching a level of 51,250 rupees. Meanwhile, silver is trading at 58,842 rupees per kilogram, showing a decrease of 484 rupees.”

Following this decline, gold is currently being sold at around 4,763 rupees per 10 grams, cheaper than its all-time high. Gold reached its all-time high in August 2020 when it soared to the level of 56,200 rupees per 10 grams. Meanwhile, silver was available at a lower price of around 22,358 rupees per kilogram from its peak. The highest recorded price for silver so far has been 79,980 rupees per kilogram.

For those considering buying gold or silver, this could present a favorable buying opportunity

“Gold is currently available at a lower price of 4,700 rupees and silver at 22,000 rupees, compared to its all-time high. Following this decline, gold is currently being sold at around 4,763 rupees per 10 grams, cheaper than its all-time high. Gold reached its all-time high in August 2020 when it soared to the level of 56,200 rupees per 10 grams. Meanwhile, silver was available at a lower price of around 22,358 rupees per kilogram from its peak. The highest recorded price for silver so far has been 79,980 rupees per kilogram.

For those considering buying gold or silver, this could present a favorable buying opportunity

“Current Status of Gold and Silver in the International Market

Contrary to the Indian bullion market, gold is also experiencing a surge in the international market today. In the United States, gold trading is underway at a rate of $1,773.62 per ounce, reflecting an increase of $1.04 with a bullish trend. Similarly, silver is trading at a level of $20.24 per ounce, marking a decrease of $0.10.

Understanding the Weight of a Tola of Gold

Measuring gold in tolas used to be one of the most popular methods of describing gold purchases in India. People often used to say that the price of 1 tola of gold is approximately 25,000 rupees. However, these days, the gram has taken the place of the tola, widely accepted by many for buying and selling precious metals. This leads us to the question: What is the weight of a tola of gold? The answer is straightforward. A tola of gold today is equivalent to 11.6 grams. Therefore, if you are purchasing 1 kilogram of valuable metal, you would receive approximately 85.7 tolas of gold. Hence, to determine the price of valuable metal for 1 tola, you would multiply the cost per gram by 11.6. This value is subject to daily fluctuations based on the current gold rates in India.

Today gold price 2 August 2023:
Today gold price 2 August 2023:

Distinguishing Hallmarked Gold from Regular Gold

  1. No Difference in Gold Rates
  2. Hallmarking Ensures Purity
  3. Require Visiting Certified Centers
  4. Limited Availability of Assaying Centers in the Market
  5. Some Companies Advocate Establishing Stringent Quality Practices at Testing Centers
  6. Accessibility Extends to Cities and Towns

How are Hallmarked Gold Rates Determined in India?

First and foremost, it’s important to note that there is no difference between regular gold rates and hallmark gold rates. No additional charges are incurred for providing hallmark gold rates. The rate provided is the same as that for regular gold. The only difference is that when you buy regular gold, its purity is not guaranteed.

Current Price per Gram of Gold in India Currency Fluctuations:

When the rupee weakens against the dollar, the price of gold per gram in India becomes more expensive. International Factors: These include unstable policies, sluggish global economic growth, and the strength of the dollar against a basket of currencies. Global Demand for Precious Metals: The determination of gold rates per gram in India is significantly influenced by demand. If demand is weak, prices will fall, whereas in times of strong demand, prices will rise. Interest Rates: Many people are unaware, but interest rates are a major factor affecting gold rates in India. When interest rates increase in major countries like the United States, gold rates in India tend to decrease. Conversely, when interest rates decrease, gold rates tend to rise.

Who Imports 22-Carat Gold in India and How is its Price Determined?

In actuality, places like Kolar in Karnataka, where gold mining used to take place, are now closed. Therefore, India imports almost all of its 22-carat gold. We use the imported gold rates to determine the price of 22-carat gold in India. Numerous entities import gold into India, including several state-owned banks, private banks, and various private companies. In fact, the list of private companies has grown in recent years. Taking a look at some of the major gold importers in India, ultimately these entities play a crucial role in determining the wholesale gold rates in the country.

Purity of Gold

The gold we see or purchase in the market is mixed or alloyed with other metals such as copper, nickel, silver, palladium, and zinc. The term ‘rose gold’ refers to gold alloyed with silver and copper, or sometimes gold alloyed with copper and zinc. On the other hand, ‘white gold’ is created by mixing gold with palladium, nickel, and zinc, resulting in a white appearance. The most expensive is ‘yellow gold,’ created by combining gold with silver, copper, and zinc. The caratage of gold defines its purity level, indicating how much pure gold it contains.”

 

 

 

 

 

 

 

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