Thursday, the fourth day of the business week, witnesses a decline in gold and silver prices in the bullion market. The latest rates for gold and silver as of February 22, 2024, have been released. In the Delhi Sarafa market, the price of 18-carat gold is Rs 47,170 per 10 grams, 22-carat gold is Rs 57,650 per 10 grams, and 24-carat gold is priced at Rs 62,880 per 10 grams. Meanwhile, the price of silver is Rs 75,000 per kilogram.
Gold and Silver Rates Today, February 22, 2024
18-Carat Gold
Delhi: Rs 47,170 per 10 grams
Mumbai: Rs 47,040 per 10 grams
Kolkata: Rs 47,040 per 10 grams
Chennai: Rs 47,510 per 10 grams
22-Carat Gold
Delhi: Rs 57,650 per 10 grams
Mumbai: Rs 57,500 per 10 grams
Kolkata: Rs 57,500 per 10 grams
Chennai: Rs 58,000 per 10 grams
24-Carat Gold
Delhi: Rs 62,880 per 10 grams
Mumbai: Rs 62,730 per 10 grams
Kolkata: Rs 62,730 per 10 grams
Chennai: Rs 63,230 per 10 grams
Silver
Delhi: Rs 75,000 per kilogram
Mumbai: Rs 75,000 per kilogram
Kolkata: Rs 75,000 per kilogram
Chennai: Rs 76,500 per kilogram
Factors Affecting Gold and Silver Prices
Global Demand and Supply: Gold and silver prices are influenced by global demand and supply dynamics. Any disruptions in the global supply chain or changes in demand patterns can impact prices.
Economic Indicators: Economic indicators such as inflation, interest rates, and GDP growth play a crucial role in determining precious metal prices. Higher inflation and economic uncertainties often lead to an increase in gold and silver prices.
Currency Movements: The value of gold and silver is inversely related to the strength of the currency. When the currency weakens, the prices of these precious metals tend to rise.
Silver Production in India
India has limited silver production, primarily concentrated in Jharkhand, Uttarakhand, Rajasthan’s Javar Mines, Karnataka’s Chitradurga and Bellary, and Andhra Pradesh’s Guntur, Kurnool, and Kadapa districts. Due to the higher demand for silver, India imports it from various countries, including Italy, Germany, and Belgium.
The fluctuation in gold and silver prices on February 22, 2024, reflects the intricate interplay of global economic factors. Investors and consumers are advised to stay informed about market trends and economic indicators to make informed decisions regarding their gold and silver investments. With market dynamics constantly evolving, staying updated becomes crucial for those engaged in the bullion trade.