Gold Price Today: 24K Gold Crosses Rs 1.60 Lakh Per 10 Grams, Silver Prices Also Surge

New Delhi: There is big news from the market for people thinking of buying gold and silver. On August 21, a rise in the prices of precious metals was seen once again. The shine of gold and silver has increased in the domestic market as well as in the international market. Amidst the continuous changes in prices, investors are also keeping an eye on the market movements.

How much did the price of gold change?

On Multi Commodity Exchange i.e. MCX, gold once again reached above Rs 1.60 lakh per 10 grams. Earlier, some fluctuations were seen in the prices, but after the market opened, gold prices showed strength.

24 carat gold is considered the purest and has the highest price. Whereas 22 carat gold is generally used in making jewellery. Prices may vary slightly from location to location due to city, jeweler and local taxes.

Why was silver also in discussion?

Not only gold, silver prices also witnessed a rise. On MCX, silver reached around Rs 2.45 lakh per kg. There has been a period of rise and fall in silver for some time now, but it has seen strength in the latest trading session.

Apart from investment, industrial demand also affects silver prices. Silver is used in electronics, solar panels and many other industries, so when its demand increases, there is an impact on prices.

Why are the prices of gold and silver increasing?

The prices of gold and silver are not determined only by the Indian market. International market conditions, movement of the dollar and the global economic environment also affect their prices. When economic uncertainty increases in the world, investors often turn to safe assets like gold.

At present, investors are cautious due to fluctuations in the global market, the effect of which is also visible on the prices of precious metals.

What should buyers keep in mind?

If you are going to buy jewellery, do not decide just by looking at the rate of gold. The final price may change significantly after adding making charges, GST and other charges from the jeweller. It is also important to check the purity and hallmark of the gold.

At the same time, people buying for investment should take decisions keeping in mind the ups and downs of the market. The prices of gold and silver can change even during the day, so before purchasing, definitely check the latest price of your city.